HOUSTON – The US Gulf of Mexico rig count has jumped back up to 27, according to the Baker Hughes Weekly Rig Count of March 11, 2016.
That number represents an increase of three from the previous total of 24, as reported in the company’s weekly rig count of March 4, 2016. But the most recent number is still down 21 rigs year over year.
The March 4 number, in turn, represented a decrease of three (from 27) from the company’s weekly rig count dated Feb. 26, 2016.
The offshore rig count increase comes amidst a backdrop of a significantly lower overall US rig count when land rigs are included. The March 11 report showed a record low level of drilling activity, with only 480 active oil and gas rigs, a number unseen since record-keeping began in the late 1940s.
As recently as 2012, the count was over four times higher, exceeding 2,000 active rigs. Oil rigs (excluding gas) were down to 386, the twelfth straight week of declines and the lowest level seen since late 2009.