BAKU, Azerbaijan, June 14. Worldwide count of gas drilling rigs fell by 17 units month-on-month to a total of 355 rigs in May 2024, Trend reports referring to the Gas Exporting Countries Forum (GECF).
This decrease was primarily driven by reductions in both Canadian and US gas rigs, which saw declines of 11 and 7 rigs, respectively. The downturn in drilling activity across North America reflects ongoing challenges exacerbated by persistently low Henry Hub gas prices.
In April 2024, the global volume of discovered gas and liquids reached 230 million barrels of oil equivalent (boe). Among these discoveries, liquid oil comprised the majority at 89 percent, accounting for 200 million boe, while natural gas made up 11 percent, equivalent to 5 billion cubic meters (bcm). Cumulatively from January to April 2024, discovered volumes totaled 1.7 billion boe. April saw the announcement of 8 new discoveries, half of which were located offshore. Regionally, Latin America and the Caribbean (LAC) led in new discoveries for the month, contributing 47 percent of the total, primarily from Brazil and Colombia. Africa followed with 33% of the new discoveries, while the Asia Pacific region accounted for 12 percent.
These findings underscore the dynamic shifts in global drilling activity and exploration efforts amidst fluctuating market conditions and regional production dynamics. The report highlights ongoing challenges and opportunities within the global energy sector as stakeholders navigate price volatility and geographical exploration trends.
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