CAODC says 2010 drilling higher than expected

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CAODC says drilling in Western Canada is substantially higher than expected.

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The Canadian Association of Oilwell Drilling Contractors released a revised 2010 forecast on Friday, suggesting drilling levels were higher than expected in the first quarter of 2010, and should continue to exceed expectations in the second half of the year.

In the first three months of 2010, the organization says 431 rigs were put into action, which it says is 35% higher than expected. That breaks down into 57% utilization in B.C., 56% in Saskatchewan, and 50% in Alberta.

CAODC also says 11,587 wells will be completed in 2010 – 3000 higher than it predicted in October.

While CAODC says the industry is ‘drawing strength’ from natural gas activity in B.C., it says most of the increased activity is oil-focused.

For the complete CAODC revised forecast, click on the attachment below.

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