Canadian rig activity has increased for a third consecutive week, reaching 158 active rigs on June 16 compared to 153 on June 9. This represents a decline from earlier in the week, however, as there were 165 active rigs on June 14. Despite this late week dip, the overall upward trend in rig activity appears to be continuing, particularly in Alberta where 5 rigs were added this week. Saskatchewan added an additional 4 rigs, while BC’s rig count declined by 1 for the second week in a row.
With respect to target products, there are 4 more oil rigs and 5 additional gas rigs compared to last week. Rigs classified as “Other” are stable at 7, while 1 rig is currently classified as “Unknown”.
Rig fleet utilization rates are steadily increasing, growing slightly from 35.9% on June to 37.9%. The total number of rigs declined from 418 on June 9 to to 417 on June 16, however, explaining some of this change. The peak utilization rate observed in the past week was 39.7% on June 14.
For a closer look at this data, visit our rig count tool with data provided by the CAOEC.