Global number of onshore and offshore oil rigs 2010-2023

Most of the world's oil rigs are located on land. At the end of 2023, there were 1,337 operational onshore oil rigs, compared with 240 offshore rigs. The decline in offshore rigs is mainly due to a fall in proved reserves in the North Sea.

Annual average rig numbers and offshore rig utilization

Unlike end of year figures, the annual average number of global oil rigs increased in 2023, reaching 1,814 units. North America is the region with the greatest number of oil and gas rigs. As of November 2023, the worldwide market utilization rate for offshore oil rigs stood at nearly 91 percent, with the Middle East, overtaking South America, which regularly boasts the highest rate of around 100 percent.

The role of oil in meeting energy demand

In the current evolving energy sector, oil rigs and as such oil production continue to play a significant role in meeting energy demand. Despite greater rollout of renewables, oil products remain heavily used in the transportation and manufacturing sectors, especially. Today, oil and gas account for more than 50 percent of worldwide primary energy consumption.