Rig Count Declines, Baker Hughes
The number of drilling rigs actively exploring for or developing oil or natural gas fields fell in February, according to the latest figures from oilfield services provider Baker Hughes.
The data was published as part of Baker Hughes’ international rig count and showed that the total number of rigs in February 2016 was 1,018, down 27 from the 1,045 counted in January. This followed a similar decline of 50 rigs in January compared with December 2015.
Year-on-year declines were even steeper with February’s rig count down 257 from the 1,275 counted in the same month last year. These figures indicate the worsening economic climate that low oil prices are creating for exploration activities and by consequence on project cargo demand.
Offshore rigs saw even greater proportional declines with an international offshore rig count of just 225 in January this year as compared with 324 in January 2015, about a 30 percent decrease.
The continued decline in rig numbers is expected to start having a greater impact on production levels as marginal fields are already closed and future closures are therefore likely to have a greater production impact.
Photo: Baker Hughes said rig count declined in February. Credit: Wikimedia
Latest News
-
![Van der Vlist transported an 80 tonne excavator]()
March 7, 2016Van der Vlist Completes Heavy-Lift Projects Specialist logistic and forwarding provider Van der Vlist has transported an 80... -
![Peel Ports Great Yarmouth will support the new wind project]()
March 7, 2016Peel Ports Wins Great Yarmouth Project Energy firm ScottishPower Renewables has selected the port of Great Yarmouth as... -
![Rentel awarded the EPCI contract to STX France]()
March 7, 2016STX France Wins Rentel EPCI Contract Shipbuilding and marine services firm STX France has been awarded the engineering,... -
![AGL completes delivery to Nigeria]()
March 7, 2016AGL Ships 2,000-ton Cargo To Nigeria German transport firm Alexander Global Logistics has completed transportation and heavy-lifting of a...
The post Rig Count Declines, Baker Hughes appeared first on Breakbulk Events & Media.