By Glory Przekop

PSAC: Fewer wells to be drilled in Alberta

Feb 1, 2018 | 5:47 AM

There will be fewer wells drilled in Alberta according to adjusted numbers put out by the Petroleum Services Association of Canada.

The updated 2018 Canadian Drilling Activity Forecast calls for 191 fewer wells drilled in this province, the original count was 3,998.

President and CEO of PSAC Mark Salkeld said, “Even with steady and stable increases in industry activity levels over the low points in 2015 and 2016, any improvements will continue to fluctuate due to the ongoing discount Canada realizes for its oil and gas versus world prices. As long as our products are essentially land locked and restricted to just one customer, a full recovery for activity levels for the Canadian oil and gas industry will be negatively impacted. Investment dollars are fleeing Canada for regions of the world offering a more competitive environment for investment and where there is greater confidence in getting projects approved and completed.”

At the same time, the numbers are expected to increase in Saskatchewan and Manitoba.

Over all, the number of wells drilled across Canada are expected to fall by four percent or 300, the majority of those in Alberta.

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Salkeld said, “What Canada needs now, more than ever, is a world class LNG industry on both the west and east coasts. This, in conjunction with access to tide water for responsibly developed Canadian oil, will set the stage for Canada to be a significant global force in reducing GHGs around the world. There is no doubt that the world wants Canadian oil and gas; there is also no doubt that Canada is the best in the world at responsibly developing and producing oil and natural gas, in large part because of the innovation delivered by PSAC member companies and their employees. The services sector represents the front-line workers, Canada’s exceptional middle class that works hard every day to help advance technology through innovation and R&D, improve the efficiencies, protect the environment and reduce environmental footprint.”