Oil, Gas Installations Fall to Record Low in July

The number of operating oil and gas rigs in July fell to a record low on a global level, as evidenced by the data of the American oil service company Baker Hughes.

On average, 1,030 installations were operating in the world last month against 1,073 in June. At the same time, the July level is 1,208 less than the indicator for the same month last year, Interfax reported.

In the U.S., the number of installations in July dropped by 19 month-on-month to 255. This is a record low.

In the Middle East, the number of drilling rigs fell by 28 to 315 (the lowest since April 2012), in the Asia-Pacific region – by 4 to 193, in Africa – by 4 to 56 (the lowest level since June 2009), in Europe – by 5, to 105 (at least since April last year).

Meanwhile, in Canada, the figure increased by 14 to 32 rigs, in Latin America – by 3 to 74.

Baker Hughes has been publishing data on operating rigs since 1944. At first, the company collected information only in the U.S. and Canada, since 1975 – around the world. Since June 7, 2019, the company has included in its calculations the number of drilling rigs in Ukraine, while the aggregate data for Europe for the previous periods has not been recalculated in this regard.

The average monthly number of operating oil and gas rigs in the world in 2019 decreased after an increase for two years in a row and amounted to 2,177. At the end of 2016, a minimum figure for 17 years was recorded – 1,593 rigs. In 2014, the maximum number of installations since 1985 was in operation in the world – 3,578.