Canada’s National Energy Board says Canada’s 47% drop in rig activity thus far in 2015 makes it “the hardest hit region in the world” on a percentage basis.
“This is likely because many Canadian oil and gas resources tend to be the highest cost production and their development was amongst the first to be halted as oil prices fell,” NEB said, noting that Canada’s rig count declined from 380 to 200.
Rig activity in the US decreased 44% into September, said NEB, citing Baker Hughes Inc. as its source. Outside North America, rig counts have fallen 11%. Worldwide, the decline is 32%.
NEB said world oil and gas rig activity was “relatively steady” in 2012-14, averaging close to 3,500 rigs in each year. The annual average thus far in 2015 is 2,439.