July 11, 2024

Canadian oil drilling activity is primarily centered in Alberta and Saskatchewan and is heavily influenced by prevailing market conditions and prices.

Alberta accounted for about 70% of the total annual average rig count vs 30% Saskatchewan.

Alberta recorded an average of 187 active rigs in 2012 and the count decreased steadily to just 35 rigs in 2016. The average annual rig count has fluctuated between 30 and 80 in subsequent years to average about 70,  with the exception of the 2020 pandemic year where just 27 rigs were recorded.

Saskatchewan has experienced a relatively stable oil rig count compared to Alberta. They averaged over 55 rigs from 2012-2015 before declining to an average of 30 rigs from 2016 through Q1 2024 (ranging from 24 to 36), excluding the 2020 pandemic year of just 17.

Source: Baker Huges North America Rig Count, 2024