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PSAC increases 2017 drilling forecast by more than 2,500

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CALGARY, A.B. – The Petroleum Services Association of Canada has once again increased its forecast of the number of wells that will be drilled in Canada this year.

In its revised 2017 Canadian Drilling Activity Forecast released today, PSAC  forecasts that a total of 6,680 wells will be drilled this year. The number is represents an increase of 2,505 wells, or 60 per cent increase from their original 2017 Drilling Activity Forecast released last November. PSAC based its updated forecast on average natural gas prices of $3.00 per million cubic feet, average crude oil prices of US$52.50/barrel, and a Canadian dollar averaging US$0.74.

“Never underestimate the tenacity or efficiency of the Canadian oilfield services sector,” said PSAC President and CEO Mark Salkeld. “The drilling seasons of 2015 and 2016 were difficult, to say the very least, and the sector is still making adjustments to manage costs and meet growing expectations of their customers, but with some degree of confidence in $50 oil and the dramatic lowering of costs by the service sector, we are seeing increased activity levels.”

In B.C., the Association now estimates that there will be a 60 percent increase in the number of wells drilled, from 280 to 449. In both Alberta and Sakatchewan, it was originally estimated that roughly 1,900 wells would be drilled in either province. With the revisions today, those numbers now sit at 3,320 and 2,670 respectively.

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