Global oil rig industry - statistics & facts
Worldwide oil rig numbers have been net declining since 2014, when the oil boom led to a spike in rig deployment not seen since 1985. In 2023, the average number of active oil rigs was 1,814 units, roughly half of what it had been in 2014. The oil rig industry is part of the oilfield equipment and service sector. Oil rigs or oil platforms refer to the machinery used to identify reservoirs and extract crude oil and natural gas from the earth’s surface or seabed. While rigs used to be stationary in the past, today, mobile offshore production units have become more and more common. The global oil rig fleet is largely made up of jackups, a type of mobile rig.
In early 2022, concerns over tightening oil supplies following sanctions placed on Russia led to greater exploration activity. Since then, the number of marketed and contracted oil rigs has stayed notably high, despite overall rig supply remaining relatively stable. All oil producing regions reported a offshore rig utilization rate upward of 80 percent throughout 2023 and the first half of 2024 - in South America this rate often stood at 100 percent, meaning all oil rigs supplied were under active use.
Oil rig deployment across regions
Despite an overall decline in number, oil rig deployment was notably higher in 2022 and 2023 due to a strong recovery from the coronavirus pandemic, which had severely impacted oil extraction operations and ultimately led to falling rig numbers across all regions. Most land drilling operations are located in North America, while Asia Pacific is home to the greatest number of offshore rigs.In early 2022, concerns over tightening oil supplies following sanctions placed on Russia led to greater exploration activity. Since then, the number of marketed and contracted oil rigs has stayed notably high, despite overall rig supply remaining relatively stable. All oil producing regions reported a offshore rig utilization rate upward of 80 percent throughout 2023 and the first half of 2024 - in South America this rate often stood at 100 percent, meaning all oil rigs supplied were under active use.
