Major Increase in 2017 Oil Drilling Forecast

[Oscar]

Major Increase in 2017 Oil Drilling Forecast

[ http://www.saskatchewan.ca/government/n ... g-forecast ]

Released on April 28, 2017

In a revision to expected drilling totals for 2017, the Petroleum Services Association of Canada (PSAC) is forecasting a major increase in oil and gas activity in Saskatchewan.

Today’s update to the PSAC drilling activity forecast includes a significant increase in the estimated number of wells drilled in the province to a new total of 2,670 wells, up from 1,940 wells in the original forecast.

“This announcement is a clear sign of renewed operations in Saskatchewan, in part because of our province’s stable and competitive operating environment,” Energy and Resources Minister Dustin Duncan said. “After an extended period of cost management and reductions, this industry is showing us once again the kind of resiliency and efficiency that makes it one of our most dynamic economic sectors and a major contributor to Saskatchewan’s economic growth.”

Nationally, PSAC is anticipating an estimated 6,680 wells will be drilled in 2017, an increase of 2,505 wells and a 60 per cent increase from the original 2017 drilling activity forecast released in early November 2016.

The number of wells already drilled in Saskatchewan for the first three months of the 2017 calendar year is 856, compared to 399 wells drilled during the same period in 2016. -30-

For more information, contact:

Deb Young, Economy
Regina
Phone: 306-787-4765
Email: deb.young@gov.sk.ca