CALGARY, A.B. – Petroleum Services Association of Canada (PSAC) has announced another update in regards to its 2020 Canadian Oilfield Services Activity Forecast. PSAC says it’s decreasing its number of wells that were to be drilled across Canada for 2020.
PSAC says they will be cutting down from 3,100, which they announced would be the amount in April 2020, to 2,800 wells that will be drilled.
In October 2019, PSAC had estimated that the total number of wells to be drilled in 2020 would be 4,500 wells.
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According to PSAC Interim President and CEO Elizabeth Aquin, activity levels are at a low that hasn’t been seen in decades and is something that is taking its toll on the sector that was in its sixth year of a downturn when the pandemic started.
Aquin also says with all that’s happening, she doesn’t expect a quick recovery and that 2020 could see 43 percent less activity overall than 2019.
PSAC estimates that 1,360 wells will be drilled in Alberta, down 37 percent from 2,155 wells that were in the original forecast for the province. Wells for Saskatchewan is down 740 wells to 1,055. British Columbia’s down to 60 wells from the 285 wells forecasted. Manitoba is now at 80 wells, down from 190.