The number of active onshore and offshore rigs operating in Europe has dropped significantly in early 2017 from the same period last year.
According to numbers provided by the Baker Hughes International Rig Count, the number of operational rigs in Europe in January 2016 totalled 108 while last month it sunk to 84 operational rigs currently active.
The active number of onshore rigs numbered 55 in February 2018, while the total number offshore was 29.
The most significant rig count rise in recent times is from July 2014 when the total peaked at 153.
Europe is currently lagging behind North and South America, the Middle East and the Asia Pacific, while the developing oil country of Africa currently sits at 90 active rigs.