GCC rig count on the rise despite global slash

Manama : The number of active oil-rigs in the GCC went slightly up amidst worldwide drop, according to latest Baker Hughes data.

The Baker Hughes Rotary Rig Counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the US, Canada and international markets.

In March 2016, GCC countries had 294 active rigs, a moderate increase from the 288 rigs counted in 2015. This is noteworthy, as the worldwide rig count was down steeply from 2557 in March 2015 to 1551 this year, a fall of 1,006 rigs.

The average US rig count for March 2016 was 478, down 54 from the 532 counted in February 2016, and down 632 from the 1,110 counted in March 2015.

Outside US, non-GCC countries’ rig count also saw drastic reduction. Aggregate non-US rig count in March 2016 is 985, a good fall from 1251 rigs reported in March last
year.

Middle East countries’ rig count as a whole fell to 397 from 407 recorded last year in March with Iraq and Egypt showing good declines.

GCC as a group showed good resilience in turbulent times, but Kuwait shed 12 active rigs. This was offset by good jump in Abu Dhabi and Oman. In March, Saudi Arabia rigs inched up to 127 from 125 recorded last year.

The number of active rigs in Kuwait is 41 and in Oman is 70. Abdu Dhabi has 48 rigs and Bahrain has zero active-rigs according to the March report released by Baker Hughes.