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The 2020 Canada rig count average finished the year 50 rigs lower than in 2019 (from 142 to 92). Compared to 2018, 2020 finished 114 rigs lower, on average. Compared to the recent high in 2014, the rig count is a mere 22% of its 2014 count of 413. 2020 started the year off strong, with counts more optimistic than 2016 and 2019, just under 2017 and 2018. When the covid-19 pandemic hit in March, the sudden drop caused 2020 rigs counts to drop below the recent lows in 2016; counts hit as low as 15 rigs halfway through 2020. The rotary rig count, a measure of the active drilling rigs drilling new oil and gas wells, is representative of the growth in oil and gas production capacity. Rig counts tend to fluctuate week-to-week and season-to-season, with most drilling activity happening outside of the wet springs months. This holistic view of the CAODC rig count shows both seasonal and year-to-year changes in rig counts. Summarized in the bar chart/table on the right, the annual average rig counts give a glimpse of the drilling activity over the past 7 years. Explore the BOE Report’s rig count data with our other […]
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