July 11, 2024

The historical Canadian oil rig count (2012-2024 Q1) by trajectory (vertical and horizontal).

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  • The total annual rig count dropped from a high of 250 in 2012 to just 59 in 2016. The rig count recovered slightly in 2017 and 2018 before reaching a low of 44 in the 2020 pandemic year. It has since recovered to 130 rigs in Q1 2024.
  • Horizontal drilling has been the primary focus as it results in higher well productivity and recoverable oil per well. After averaging about 85% of the total rig count from 2012 through 2020, horizonal drilling has averaged 95% since 2021.
  • The vertical rig count has declined from about 20% of the total in 2012 to just 2% in 2022. There has been a slight improvement in Q1 2024.

Note: Some vertical production wells could still be drilled in some areas. These vertical wells will have lower F&D cost per unit of production ($/Bbl) than horizontals wells, which could potentially be drilled at the same location.

See Also:

Canadian Oil Rig Count by Province 2012-2024
Canadian Oil Production Forecast to 2035

References:

Baker Hughes North America Rig Count, 2024