Mexico, Argentina drive LatAm rig count growth

Latin America's oil and gas rig count edged higher in April as drops in Brazil and Colombia were offset by gains in Mexico, Argentina and Trinidad and Tobago.

The total number of rigs in operation in the region reached 190, up from 188 the previous month and the highest figure since January, according to Baker Hughes data.

There were 158 rigs in onshore basins and 32 stationed offshore.

The biggest mover was Mexico, where operators deployed 35 rigs in April compared to 30 the previous month. Argentina and Trinidad and Tobago both saw their counts rise by two units to 67 and five, respectively.

Colombia reported the sharpest month-on-month decline, falling to 30 from 33, while Brazil's total dipped from 12 to 10.

Venezuela, whose rig count stood at 83 in July 2014, was unchanged from March with 22 units in service.

Elsewhere in the region, Chile had one active rig, Bolivia four, Ecuador seven, Peru six and Guyana three.

Worldwide, there were 2,140 rigs under contract in April, down from 2,213 a month earlier, according to Baker Hughes.

Oil and gas operators in Latin America are generally expected to ramp up exploration investment this year in a bid to capitalize on rising Brent crude prices.

Some 48% of respondents to a BNamericas survey – most of whom represent local stakeholders – said companies would raise capital spending in 2019 while 16% foresaw a decrease. Thirty-six percent said investments would remain stable.