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.

On a provincial basis for 2017, PSAC now estimates 3,604 wells to be drilled in Alberta, up from 1,900 wells in the original forecast.

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PSAC President and CEO Mark Salkeld says, “One of the events that played out that was not well understood at the time of the original forecast was the relatively quick impact of the transfer of investment out of the oilsands into the conventional oil and gas sector, which will ultimately provide a faster return on investment dollars than the longer-term investment oilsands projects. This investment shift played an important role in taking a rig count from what we thought would be closer to 200 active rigs to well over 300 in the first quarter of 2017.”