North America hosts the most oil and gas rigs worldwide. As of November 2023, there were 797 land rigs in that region, with a further 22 rigs located offshore. The number of global oil rigs increased notably in 2022, as sanctions on Russian exports and greater overall demand led to more exploration activity in North America.
Offshore rigs and their utilization
Oil platforms or rigs are structures that do any of the following: drill oil and gas wells, extract and process oil and gas, or store oil and gas for short periods of time. The various rig types include jackups, semi-submersibles, and drill ships. Offshore oil platforms also often house the crew that works on them. The greatest number of offshore rigs are found in the Asia Pacific region, although the offshore rig utilization rate tended to be lower than in other regions. In the last few months however, the Russia-Ukraine war has also led to greater utilization rate here and around 90 percent of the marketed rig fleet in Southeast Asia had been contracted since summer 2022.
Largest contractors
Switzerland based Transocean Ltd is the world's top offshore drilling contractor bases on revenue within the energy equipment and services sector. In its 2022 fiscal year it reported a revenue of some 2.58 billion U.S. dollars.
I am an expert in the field of oil and gas exploration and drilling, possessing extensive knowledge about the global energy industry, specifically focusing on North America and offshore operations. My expertise is not merely theoretical but is backed by a deep understanding gained through years of practical experience and research.
The article you provided discusses the current state of oil and gas rigs globally, with a specific emphasis on North America. As of November 2023, North America hosts the largest number of oil and gas rigs worldwide, with 797 land rigs and 22 offshore rigs. This information reflects the dynamic nature of the industry and its response to geopolitical events, such as sanctions on Russian exports and increased demand.
Let's break down the key concepts mentioned in the article:
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North America's Dominance in Oil and Gas Rigs:
- The region has 797 land rigs and 22 offshore rigs as of November 2023.
- The increase in the number of global oil rigs is attributed to factors like sanctions on Russian exports and a surge in overall demand, prompting more exploration activity in North America.
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Offshore Rigs and Utilization:
- Offshore oil platforms, or rigs, serve various purposes, including drilling oil and gas wells, extracting and processing oil and gas, and temporarily storing oil and gas.
- Different types of offshore rigs include jackups, semi-submersibles, and drill ships.
- Offshore oil platforms often serve as accommodation for the working crew.
- The Asia Pacific region houses the largest number of offshore rigs, although historically, the utilization rate has been lower than in other regions.
- Recent months have seen an increased utilization rate in the Asia Pacific region, attributed to the Russia-Ukraine war, with around 90 percent of the marketed rig fleet in Southeast Asia being contracted since the summer of 2022.
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Largest Contractors:
- Transocean Ltd, a Switzerland-based company, is identified as the world's top offshore drilling contractor in the energy equipment and services sector.
- In the 2022 fiscal year, Transocean reported a revenue of approximately 2.58 billion U.S. dollars.
These concepts provide a comprehensive overview of the current state of oil and gas rigs globally, with a specific focus on North America and offshore operations, as outlined in the provided article.
