The Western Canadian oil and gas industry has witnessed fluctuations in rig activity over the past year. Comparing data from the last 30 days with the same period in 2024 provides valuable insights into trends shaping the sector. This analysis focuses on three key areas: rig count by province, activity by field centre, and the top 10 accounts by record count.
Rig Count by Province
A province-level comparison reveals a slight decline in overall rig activity. Alberta, the most active region, saw a small decrease in rigs from 195 to 193 (-1.03%). Saskatchewan, however, experienced a marginal increase from 52 to 54 rigs (+3.85%), while British Columbia saw a significant drop from 19 to just 7 rigs (-63.16%). The sharp decline in BC suggests either reduced drilling activity or operational shifts to other regions.
Rig Activity by Board Field Centre
Breaking down activity by field centre, some regions saw considerable reductions. Bonnyville experienced a notable decline, dropping from 61 to 46 rigs (-24.59%), and Drayton Valley also saw a decline from 26 to 23 rigs (-11.54%). On the other hand, Calgary saw an increase from 1 to 3 rigs (+200%), indicating a rise in activity. Edmonton, which previously had no recorded activity, registered 10 rigs, reflecting potential new projects in the region. The overall downward trend in certain field centres could indicate shifting industry priorities or regulatory challenges affecting some regions more than others.
Top 10 Accounts by Record Count
An analysis of the top 10 accounts highlights stability among major industry players. Cenovus Energy Inc. maintained its rig count at 19, while Whitecap Resources Inc. and Canadian Natural Resources Limited (CNRL) also held steady at 15 and 13 rigs, respectively. Tourmaline Oil Corp increased its rig count slightly from 14 to 16 (+14.29%), showing steady expansion. Conversely, Suncor Energy Inc. saw a slight decline from 11 to 10 rigs (-9.09%). These trends indicate that while some operators are maintaining or slightly increasing activity, others are being more cautious in their drilling operations.
Conclusion
Overall, Western Canada’s rig activity remains relatively stable, with slight shifts in specific provinces and field centres. The sharp decline in BC and reductions in key field centres like Bonnyville and Drayton Valley suggest possible strategic realignments within the industry. Major players like Cenovus and CNRL have maintained stable operations, while companies like Tourmaline Oil Corp have expanded modestly. The increase in rig count in previously inactive regions, such as Edmonton, highlights potential new opportunities. As the industry continues to evolve, tracking these changes will be essential for understanding future trends in oil and gas drilling activity.
