Oil rig deployment across regions
Oil rig numbers have been declining globally since 2014, when the oil boom led to a spike in rig deployment not seen since 1985. In 2022, the average number of active oil rigs was 1,747 units. Figures were notably higher than the previous two years due to a strong recovery from the coronavirus pandemic, which had severely impacted oil extraction operations and ultimately led to the 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. Consequently, the number of marketed and contracted oil rigs rose, despite rig supply staying relatively stable. Most regions saw a higher offshore rig utilization rate - in Southeast Asia this rate climbed to a new high of nearly 90 percent.
