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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (12708)10/8/1998 8:40:00 AM
From: Kerm Yerman  Read Replies (5) of 15196
 
IN THE NEWS / Active Canada Oil, Gas Rigs At 194 vs 188 Last Week

The number of Canadian oil and natural gas rigs active as of Tuesday totalled 194, increasing slightly from last week's 188, according to the Canadian Association of Oilwell Drilling Contractors (CAODC) today.

Activity remains significantly below last year's drilling level of 477, with a weekly average of 298 rigs active this year, compared with last year's 398. The CAODC did note that last year's level was an exceptionally high level.

The drop in active drilling rigs is mainly due to a "cash-flow crunch" that has hit Canadian oil companies this year. According to industry sources most oil companies have cut their drilling programs this year due to the global weakness in the price of oil.

The CAODC revised its forecast of expected wells to be drilled for the winter months down to 10,855 down from its April estimate of 13,500. In the fourth quarter of 1998 the number of active drilling rigs was only expected to reach an average utilization of 50%, which calculates into approximately 290 active rigs out of the 580 available in the fleet.

The figures are expected to continue to increase as the winter sets in. The source noted that many companies will not be able to pass up the opportunity of winter, which allows many rigs to reach difficult areas that are only accessible during the cold months.

The CAODC reported that there were no rigs moving, with a total o 383 down for repairs out of the 577 rigs available in the fleet.
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