Canada rig count highest in nearly 2 years as oil and gas producers ramp up

Canada’s oil and gas companies have fired up 315 rigs in western Canada to drill for oil and gas–a big increase from last week’s count of 205. It’s the first time since March 2015 where more than 300 rigs were active.

170 of the active rigs are drilling for oil (up from last week’s 81) as prices improved over the past several weeks on news of OPEC production cuts. Drilling rig counts are up nearly 100 rigs from one year ago.

Alberta added the most rigs week over week as its number skyrocketed from 150 to 220, according to numbers from Baker Hughes.

Total fleet utilization is at 48% according to numbers from the CAODC.