Canada's Rig Count Surges by 8, Reaching 121

Subheadline

According to data from Baker Hughes, Canada has seen a significant increase of 8 rigs during the week ended Aug. 2, bringing the total number of active rigs in the country to 121.

Key Statistics

This uptick represents a substantial increase compared to the total count of 113 rigs operating in Canada during the previous week. The latest addition of 8 rigs also marks the third consecutive week of growth in the Canadian rig count.

North American Context

Canada's rig count increase is part of a larger trend across North America. In the week ended Aug. 2, North America as a whole added 5 rigs, bringing the total count to 356. This 1.4% increase indicates a steady recovery in drilling activity throughout the region.

Historical Comparison

While the current rig count is higher than the previous week, it remains below the historical average. The number of active rigs in Canada is still 51 fewer than the same period last year and significantly lower than the peak of 408 rigs reached in 2014.

Industry Impact

The increase in the rig count is a positive sign for the Canadian oil and gas industry. It suggests that companies are becoming more optimistic about the future outlook for exploration and production and are investing in new drilling projects.