09:44 AM EDT, 06/16/2022 (MT Newswires) -- RBC Capital Markets on Thursday said the number of oil and gas drilling rigs operating in the Western Canada Sedimentary Basin (WCSB) rose last week to 44% above year-prior levels as high commodity prices pushes more exploration for conventional resources.
"The WCSB rig count increased 11 w/w to 158 and the current rig count sits 40 above 2021 levels and 47 above the 5-year average," analyst Keith Mackey noted. "Activity in (southeast Saskatchewan), Viking and Other regions drove the majority of the w/w increase ... PrivateCo rig counts increased 3 w/w, Junior E&Ps (<25 mboe/d) increased 2 rigs w/w, Intermediate E&Ps (25-75 mboe/d) increased 1 rig w/w, and Large E&Ps (>75 mboe/d) increased 5 rigs w/w."