PSAC increases 2017 Drilling Forecast
CALGARY- Due to a strong second quarter, the Petroleum Services Association of Canada (PSAC), has announced it is increasing the number of wells they had forecast to be drilled in 2017.
The Canadian Drilling Activity Forecast now calls for 7,200 wells to be drilled.
That is up from 6,680 wells in the previous forecast.
PSAC based its updated forecast on average natural gas prices of $2.75, crude oil prices of $49US a barrel and the Canada-US exchange rate averaging 77 cents.