CANADIAN OILPATCH / ACTIVITY
October 24, 1996
DRILLING ACTIVITY SOARING
Oil and gas drilling activity in Western Canada is soaring toward an
all-time record this year, and 1997 looks almost as spectacular, says a
leading industry organization.
The Petroleum Services Association of Canada (PSAC), in its sixth
annual forecast released yesterday, predicts 12,300 wells will be
drilled in 1997 for a total economic impact of $5.85 billion. That's down
slightly from the rapid pace in 1996.
PSAC projects 12,600 wells will be drilled this year, pumping about
$6.5 billion into the western Canadian economy. Oil drilling accounts
for 51% of that activity, gas 29%, and the remainder made of up of dry
wells and service wells. The previous drilling record was 11,716 wells
in 1994.
PSAC president Roger Soucy said all indicators suggest 1997 will be
another banner year. "For the first time, the 10-year average for
activity exceeds 8,100 wells, so what we've had in the petroleum
industry is four years of stability that fortunately have also been very
active," Soucy said in Calgary.
He said the 1997 outlook "provides the upstream petroleum industry
with another very healthy and very stable level of activity." PSAC
projects 1997 will see drilling of 6,580 oil wells, 3,000 gas wells, 2,190
dry wells and 300 service wells.
Other projections include:
ÿ * In 1997, 9,100 wells will be drilled in Alberta, or almost 74% of the
total projected activity.
ÿ * In Saskatchewan, there will be 2,820 wells drilled, the best year
ever, with 50 in Manitoba and 360 in B.C.
PSAC is the national trade association representing more than 170
companies in the oilfield service, supply and manufacturing sectors
within the upstream petroleum industry. |
