BHI: North American rebound lifts global rig count for July

The average global rig count for July was up 74 units compared with the June average, largely reflecting rises in the US and Canada, according to Baker Hughes Inc. data. The June average was up 2 units, ending 9 straight monthly declines (OGJ Online, July 8, 2016).

The worldwide tally of active rigs during the month averaged 1,481, a decline of 686 from the average in July 2015. The US gained 32 units to 449, down 417 year-over-year. Canada added 31 units to average 94, down 89 year-over-year.

Having borne the brunt of the global industry downturn, Latin America ended its 9-month slump in July with an 8-unit rise to 186, down 127 from its year-ago average. Argentina led the way with a 9-unit jump to 72, down 34 year-over-year. Mexico added 3 units to reach 23, down 22 from its July 2015 average. Venezuela, meanwhile, dropped 3 units to 50, down 20 year-over-year.

The Asia-Pacific region increased 4 units to 186 as well, representing a 26-unit decline from its total in July 2015. India gained 5 units to 113, down just 3 from its year-ago average. Europe rose 3 units to 94, down 14 year-over-year. Norway jumped 4 units to 20, even with its year-ago average.

The Middle East edged up a unit to 390, down 1 year-over-year. A 2-unit drop in Iraq to 38, down 5 from its average in July 2015, was more than offset by a 3-unit rise in Kuwait to 47, also up 3 year-over-year. Egypt recorded its first monthly rise since late last year, adding a unit to reach 27, down 15 from its July 2015 average. Saudi Arabia also added a single unit, posting an average of 125, up 2 year-over-year.

Contact Matt Zborowski at matthewz@ogjonline.com.

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