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PSAC updates 2017 Canadian Drilling Activity Forecast with positive news

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CALGARY, AB – The Petroleum Services Association of Canada has released the first update to the 2017 Canadian Drilling Activity Forecast.

Across the country, they have updated well drillings. The numbers forecasted have gone up to 5,150 wells.

This is an increase of 975 wells or 23% from the forecast that was released back in early November of 2016.

When it comes to provinces specifically, BC is expected to see 367 wells drilled. They had originally forecasted that 280 would be completed. Alberta, according to the forecast, could see 2,706 wells drilled which is up from 1,900.

“With luck and the favorable policies from governments in Alberta, Ottawa and Washington DC with respect to the new royalty regime and pipeline approvals, the Canadian Oilfield services sector will pick it-self up, dust itself off and get people and equipment back to work.

Oilfield services sector jobs come from keeping pipelines full so it will take some time to realize those opportunities; in the meantime we are enjoying the winter activity now and look forward to an improved level of activity over the course of 2017.”

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