Egypt’s Oil Rig Count
January, February and March 2022
The Baker Hughes Rig Counts are a crucial indicator for the Oil & Gas/Drilling industry and all its stakeholders as the active rig count is a prime indicator for the demanded products needed for drilling & producing hydrocarbons. Here are the updated local and international oil rig counts for the first three months of 2022.
Egypt’s Oil Rig Count
28.00 for January, 29.00 for February & 30.00 for March 2022
Oil rig count graph (Jan and Feb 2022)
In February 2022, the oil rig count increased to 29.00, up from 28.00 in January and up from 19.00 one year ago. This represents an increase of 3.57% compared to January and a rise of 52.63% from February 2021.
Oil rig count graph (March 2022)
Furthermore, as shown in the figure below, March has shown an increase in Egypt’s oil rig count compared to January and February. The oil rig count stands at 30.00 for March 2022 which is an increase of 3.45% from February. Furthermore, the count has also increased by 42.86% from last March (2021).
Egypt’s Offshore Oil Rig Count
11.00 for January,10.00 for February & 8.00 for March 2022
Offshore oil rig count graph (Jan and Feb 2022)
On the other hand, as shown in the graph aside, the offshore rig count for the month of January stood at 11.00 which is an increase from December 2021 that stood at 7.00 oil rigs. However, the number dropped again in the month of February to 10.00 oil rigs. But compared to last February(2021), the number increased by 400%.
Offshore oil rig count graph (March 2022)
As for the month of March as shown below, the offshore oil rig count is at a current level of 8.00 which is a decrease from last month’s count by 20%. However, in comparison to March 2021 this is a 700% increase.
Worldwide Rig Count
When it comes to the international oil rig count, the USA has the highest count in the world with 36.8% in January and 38.1% in February. Next comes the Middle East and Asia Pacific with an average of 17.4% and 11.7% respectively in both months. In fourth place is Canada with 11.6% in January and an increase to 13.2% in February, followed by Latin America with 9.7% in January and a decrease to 9.2% in February. Finally, Europe comes in with an average contribution in both months of 6.45% and Africa with 5%.
However, in comparison to March, the USA’s share has increased slightly from the previous month to 39.8%. The Middle East has also increased since February to reach 18.2% while Asia Pacific’s oil rig count decreased slightly to contribute 11.3% for the month of March. Canada then comes in fourth place with a contribution of 11.1% to the worldwide oil rig count. Next are Latin America and Africa with 9.6% and 5.2% respectively. Finally, Europe contributes only 4.7% to the worldwide count.
All in all, in the past three months, the worldwide total rig count has stayed above 1.6k. In January it was 1,632 then increased to 1,669 in February and then decreased slightly to 1,661 oil rigs in March.
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