En Español

Very usefull links


News links




Dow Jones

Oil price



Views and News





Baker Hughes Data: Canadian drillers add most oil rigs in two years


Petroleumworld.com 01 16 2017

Energy firms in Canada more than doubled the number of rigs drilling for oil this week to the highest level in almost two years as producers returned en masse from Christmas breaks and crude prices remain near 18-month highs.

Drillers added 89 oil rigs during the week ended Jan. 13 bringing the total count up to 170, the highest level since February 2015, data from Baker Hughes Inc showed on Friday.

That was the biggest weekly increase since drillers added 129 rigs during the week of Jan. 9, 2015.

Drillers in Canada, like their counterparts in the United States, slashed the number of rigs operating during most of 2015 and 2016 as energy prices collapsed due to a global glut.

Energy firms in both the United States and Canada started adding rigs over the summer of 2016 as U.S. crude prices climbed over the key $50 a barrel level that analysts said would prompt drillers to return to the well pad.

U.S. crude futures were trading around $53 a barrel on Friday, a couple dollars below a near 18-month high of $55.24 set at the start of 2017.

Drilling in Canada is seasonal.

The Canadian rig count usually increase in January as producers start drilling again after a Christmas break before declining in the spring when the snow melts and it becomes too muddy to operate. The industry calls that snow melt the spring break up.

The rig count usually increases again in the summer when the ground dries and holds around those levels through the end of December when the count drops during the last week of the year for the Christmas break.

In 2016, the oil rig count jumped from 12 during the last week of 2015 to a high for the year of 134 in January before falling to as low as eight during the spring break up in April.

The count then climbed to 84 rigs during the summer and continued to grow to a high of 117 by mid December as rising crude prices encouraged drillers to add rigs before falling to 52 during the Christmas week of 2016.

Story reporting by Scott DiSavino; Editing by Marguerita Choy from Reuters.

We invite all our readers to share with us
their views and comments about this article

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels


Contact: editor@petroleumworld.com,

Editor & Publisher:P.Ohep F. /Producer - Publisher:P.Ohep F./
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2016, Petroleumworld   / Elio Ohep Fitzgerald- All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.