Argentina rig count plummets in February

Argentina's oil and gas drilling rig count fell to 65 in February from 106 in February 2015, a 39% drop, according to the latest monthly rig data from Baker Hughes.

The data shows that Latin America's rig count fell to 237 from 355 in the 12 months.

Argentina had more than 100 active drilling rigs from March 2014 to November 2015, despite plummeting global oil prices.

However, since 2016 began, the count has fallen considerably. In an earnings call Friday, the CEO of national oil company YPF, Miguel Galuccio, said the firm had placed more than 20 rigs on standby in December and that it would not accelerate development of the Vaca Muerta shale deposit until global oil prices begin to recover.

February also saw year-on-year rig count declines in Brazil (20%), Colombia (79%), Ecuador (79%), Mexico (38%) and Venezuela (4%).

WTI crude futures have climbed above US$35/b since the beginning of March, after plummeting below US$30/b in February.