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Home Energy News PSAC lowers its 2019 Oilfield Services Activity Forecast

PSAC lowers its 2019 Oilfield Services Activity Forecast

CALGARY, A.B. – The Petroleum Services Association of Canada has provided a midyear update on its 2019 Canadian Oilfield Services Activity Forecast.

PSAC’s forecast for the number of wells drilled in 2019 across Canada is 5,300, which is a drop of 1,300 or 20 percent from the original Forecast of 6,600 in November 2018.

According to PSAC, they have based its updated forecast on the average prices natural gas, crude oil, and a U.S.-Canada exchange rate averaging $0.75.

On a provincial basis for 2019, PSAC now estimates 2,685 wells to be drilled in Alberta, down from 3,532 wells in the original forecast.

B.C.’s well count is expected to be slightly lower from 382 wells to 375 wells.

Also for 2019, PSAC is forecasting activity beyond drilling to include maintenance and repair work and site closure activity to cover a broader spectrum of activity that is undertaken by the sector.

The Petroleum Services Association of Canada is the national trade association representing the service, supply and manufacturing sectors within the upstream petroleum industry.

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