CALGARY- There will be fewer wells drilled in Alberta according to adjusted numbers put out by the Petroleum Services Association of Canada.
The updated 2018 Canadian Drilling Activity Forecast calls for 191 fewer wells drilled in this province, the original count was 3,998.
President and CEO of PSAC Mark Salkeld said, “Even with steady and stable increases in industry activity levels over the low points in 2015 and 2016, any improvements will continue to fluctuate due to the ongoing discount Canada realizes for its oil and gas versus world prices. As long as our products are essentially land locked and restricted to just one customer, a full recovery for activity levels for the Canadian oil and gas industry will be negatively impacted. Investment dollars are fleeing Canada for regions of the world offering a more competitive environment for investment and where there is greater confidence in getting projects approved and completed.”
Over all, the number of wells drilled across Canada are expected to fall by four percent or 300, the majority of those in Alberta.
Salkeld adds, “What Canada needs now, more than ever, is a world class LNG industry on both the west and east coasts. This, in conjunction with access to tide water for responsibly developed Canadian oil, will set the stage for Canada to be a significant global force in reducing GHGs around the world. There is no doubt that the world wants Canadian oil and gas, there is also no doubt that Canada is the best in the world at responsibly developing and producing oil and natural gas, in large part because of the innovation delivered by PSAC member companies and their employees."
Truce called, wine flows again, in B.C.-Alberta trade war over pipeline
VICTORIA — The Alberta government accepted an olive branch from British Columbia and suspended its...
READ MORE +
Local doctors form non-profit society to fight for hospital expansion
A group of Red Deer doctors is banding together formally to continue the fight for major expansion...
READ MORE +
Poverty simulation shows just how Central Albertans scrape by
A firsthand lesson in poverty was taught this week by the United Way and Central Alberta Poverty...
READ MORE +
Join the Discussion
We are happy to provide a forum for commenting and discussion. Please respect and abide by the house rules: Keep it clean, keep it civil, keep it truthful, stay on topic, be responsible, share your knowledge, and please suggest removal of comments that violate these standards. See full commenting rules.