Baker Hughes: North American drilling increasing

Exploration activity reflected in monthly rig count.
By Daniel J. Graeber   |   July 8, 2014 at 9:20 AM   |   Comments

HOUSTON, July 8 (UPI) -- The North American energy sector shined in June with active oil and natural gas exploration activity greater than last year, Baker Hughes Inc. said Tuesday.

Baker Hughes published its monthly report on global rig counts. The data reflect the number of rigs actively exploring for oil or natural gas.

The oil services company said there were an average 1,861 rigs active in the United States in June, up two from the number counted in May but up 100 from June 2013.

For Canada, Baker Hughes said the average rig count for June was 240, up 78 from May and 57 more than were counted in June 2013.

North American production is increasing to the extent its markets are relying less on energy imports from outside the region. The Paris-based International Energy Agency in June said global oil supplies rose largely because of output from countries outside the Organization of Petroleum Exporting Countries.

Baker Hughes said that outside North America, the average rig count for June was 1,336, down 14 from May but up three from the number counted in June 2013.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
Kurds raise oil funds for refugees
U.S. oil pipeline output increasing
Lundin frustrated with latest North Sea find
Russian, Myanmar trade reaches to energy sector
Abercrombie & Fitch axes logos after years of declining sales and bad press
Trending News