Group predicts record drilling in Canada
The Globe & Mail, Thursday, July 29
Oil and gas companies could drill a record number of wells in Canada this year, surpassing the high set in 2003, driven by surging commodity prices and pent-up demand after a rainy spring, an industry group predicted yesterday.
As oil prices rocketed to their highest level in two decades, the Petroleum Services Association of Canada forecast a total of 22,255 wells would be drilled in the country, up 450 wells from last year and up 595 from the group's last projection in April.
The association, which represents oil field service providers and suppliers, said 10,261 wells were drilled in the first half, or about 46 per cent of the total projection for the year. The projected count includes 15,732 natural gas wells, 5,030 oil wells and 1,493 dry or service wells.
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