Conservative forecast for 2013 drilling activity

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Erica Fisher

Erica is a reporter for Moose FM and energeticcity.ca in Fort St. John, B.C. She grew up in Victoria, B.C. and received her Bachelor's Degree in Journalism from Concordia University in Montreal, Quebec.

That's only 150 more than this year's expected total. The association bases its projections on an average price of $3.25 per thousand cubic feet for natural gas and $95 U.S. per barrel of oil.

British Columbia is forecast to drill 385 wells next year, which is a decrease of 11 per cent from this year. President and CEO of PSAC Mark Salkeld says "suppressed" gas prices have led the company's predictions to be conservative.

"We are forecasting that 2013 will see nearly 90 per cent of well completions in favour of oil which is being driven by commodity prices," he notes. "Other factors that are likely to impact next year’s activity include the costs associated with the technology required to drill deeper and longer wells and access to capital to support equipment upgrading and purchasing."

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It's expected 11,250 wells will have been drilled in Canada in 2012.

 

 

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