PSAC Forecasts 6,600 Wells Drilled in 2019 – The Pain Continues

CALGARY- The Petroleum Services Association of Canada is predicting more pain for the oil and gas sector next year.

It predicts a total of 66-hundred wells will be drilled in Canada in 2019, down about five per cent, adding that translates to a year-over-year decrease of up to 1.8- billion dollars in capital spending by exploration and production companies.

On a provincial basis for 2019, PSAC estimates 3,532 wells to be drilled in Alberta, and 2,422 wells for Saskatchewan, representing year-over-year decreases of 221 and 110 wells, respectively.

At 255 wells, drilling activity in Manitoba is expected to drop by 16 wells year-over-year, activity in British Columbia is projected to decrease from 415 wells in 2018 to 382 wells in 2019.