By The Canadian Press

Energy Sector

Study shows steep drop in oil and gas operations in Western Canada

Apr 11, 2019 | 5:27 PM

A new study by a consulting firm shows Western Canada has lost nearly 300 oil and gas producing companies since the end of 2014.

XI Technologies of Calgary says an analysis of its database shows 1,334 active companies reported oil or gas production as of last December, down 17.5% since global oil prices crashed.

It says the data points to a period of significant consolidation in the industry.

Calgary-based Sayer Energy Advisors says the missing firms are likely predominantly small players that haven’t had the financial backing needed to drill today’s expensive unconventional oil and gas wells.

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