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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: ItsAllCyclical who wrote (86112)2/2/2001 6:38:05 PM
From: tommycanuck  Read Replies (1) of 95453
 
Today's battlefield is exactly why you would want to go to THE rig party. Can't tell me that everyone is here simply to make money from the irrational world of the Drilling and Oilfield Service business!
12 degrees Celsius in Calgary today.
The rigs are spending more time moving than they are drilling because of the warm weather and with the crews out there it is taking them a long time to drill. No problem for the drillers because they get paid by the day but a few problems showing up for the pipeline construction companies. Expectations should be met but not an area to get too excited about in Canada due to the extra weather related costs.
Over 600 drilling rigs going but don't expect any big supply increases from here as what is getting drilled is not getting tied in as quickly as it should.
On the positive side Petro Canada is spudding the first well with the new Akita rig next Tuesday. There was some concern that they had missed the season because of the weather. Another 4 Akita rigs are slated to be barged north in August which will mark the official kickoff of the push to the new frontier (and North America's salvation from the supply side of the equation).

Regards

TC
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