EOA Rig Count Report

Oil-directed rig count in tight plays is increasing (with 7 charts)

MAIN TAKEAWAY

The most noticeable development is adding three rigs in offshore Gulf of Mexico.  While we remain bullish on offshore drilling globally, it remains to be seen if the rig count in the Gulf of Mexico will increase to levels we have not seen since 2019. 

It is clear now that the decline in rig count last week was mostly related to moving rigs.  We gained 7 rigs last week, which was the decline in the previous week (although the make up in term of oil and gas is slightly different)

IN DETAIL