Forum Navigation
'Bleak' drilling forecast calls for even fewer Canadian oil and gas wells in 2021
#1 · November 7, 2020, 9:49 am
The Petroleum Services Association of Canada says it expects another “bleak'' year for Canadian oil and gas drilling in 2021.
It says it expects a total of 2,600 wells will be drilled in Canada next year, down from its expected total of 2,850 wells in the current year. Both numbers represent more than 50-year lows for activity.
PSAC cut its 2020 Canadian drilling forecast three times over the past 10 months as oil prices fell early in the year due to global overproduction and then fell again as the COVID-19 pandemic eroded demand for fuel. [Read more]