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PSAC releases 2011 drilling forecast

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The Petroleum Services Association of Canada is predicting a seven per cent increase in the number of wells being drilled in B.C. within the next year.

The Association expects that the seven per cent increase translates to 700 oil and gas wells being drilled in 2011. It is predicting slight increases in drilling levels over 2010. However, Association officials say that one reason the natural gas industry has been plagued by low prices is due to oversupply within the market. The Association attributes the increase to drilling within shale gas regions.

The number of wells being drilled in B.C. compares to an expected 8,390 in Alberta, 3,075 in Saskatchewan and 550 in Manitoba over the next year.

There will be an updated forecast in April during the Association’s next forecast session.