Western Canada Oil Rigs Surge to New Highs

The latest Canadian rig counts have been released by Baker Hughes, showing an increase in oil-directed rigs last week. In Western Canada, the gas-directed rig count rose by only one to 63 rigs, while the oil-directed rig count jumped by 13 to 148 rigs for the week ended July 31.

The oil-directed rig count is now 21 higher than at this time last year and eight higher than the prior five-year high for this time of year. In contrast, the gas-directed rig count is only nine higher than last year but still nine below its five-year average.

The majority of the increase in active oil-directed rigs was seen in the Alberta Foothills Front region, where there were eight new rigs added last week.