Global drilling activity rises for first time in months
The number of active oil and gas drilling rigs worldwide increased in May for the first time in several months, according to data from U.S. oilfield services company Baker Hughes.
The company’s monthly report showed that the average number of active drilling rigs worldwide reached 1,046. Despite the monthly increase, the figure remained below the level recorded a year earlier. (Baker Hughes Rig Count)
Drilling activity is widely seen as an early indicator of future oil and gas production, as a higher rig count generally signals stronger investment in upstream energy projects.
Analysts say expectations of resilient energy demand and plans by oil and gas companies to maintain or expand output have supported drilling activity. (Reuters)
However, global drilling activity remains below year-earlier levels as many producers continue to pursue cautious spending policies.