By Curtis Galbraith

PSAC lowers well drilling forecast numbers

Apr 26, 2018 | 4:55 PM

The Petroleum Services Association of Canada has lowered its forecast for the number of wells to be drilled in Alberta this year.
 
The new number is 3800, down from 4000 in the original forecast. The number drops to 7400 from 7900 to 7400 across Canada. In BC, the forecast s down to 530 from 700.
 
Association President and CEO Tom Whalen says while the services sector is still busy, companies are still not making enough money and some are cutting staff anywhere from five to 15 percent.
 
He adds that it is “shameful” that Canada continues to sell its oil to the US at a discount and must find new customers. Whelan says in a release that discount costs this country $15-billion a year.