Global oil and gas rig count declines in 2024 after three-year surge

Global oil and gas rig count declines in 2024 after three-year surge The global oil and gas industry has experienced a notable shift in 2024, as the average monthly number of active drilling rigs worldwide decreased after three consecutive years of growth, according to data from American oilfield services company Baker Hug
Energy
January 10, 2025 18:40
Global oil and gas rig count declines in 2024 after three-year surge

The global oil and gas industry has experienced a notable shift in 2024, as the average monthly number of active drilling rigs worldwide decreased after three consecutive years of growth, according to data from American oilfield services company Baker Hughes.

Report informs via Interfax that in 2024 that the average monthly rig count fell to 1,734, a significant drop from the 1,812 recorded in 2023.

The decrease in drilling activity was particularly evident in December 2024, when the total number of operating rigs worldwide fell to 1,660, compared to 1,708 in November. This figure also represents a decline from the 1,739 rigs recorded in December 2023.

The all-time high was recorded in 1981, with an impressive 5,624 operating rigs worldwide. Conversely, the industry hit a low point in 2020, with only 1,352 rigs in operation.

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