• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • BOE Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

Oilpatch drilling activity to rise in 2022, new PSAC forecast suggests

November 10, 202111:02 AM The Canadian Press0 Comments

Drilling rig in Saskatchewan
An oil rig drilling during Saskatchewan's winter

CALGARY – Drilling activity in the Canadian oilpatch will return to pre-pandemic levels in 2022, according to a new industry forecast.

The Petroleum Services Association of Canada (PSAC) says it expects a total of 5,400 wells to be drilled in Canada next year, an increase of 16 per cent year-over-year and the most activity since 2019.

PSAC also revised its 2021 forecast to 4,650 wells, in light of increased activity in the last half of the year. At the start of 2021, PSAC was predicting 3,350 wells to be drilled for the year.

PSAC’s forecast for 2022 is based on a projected WTI crude price at an average of $70 per barrel, and an AECO natural gas average of $4.10 per thousand cubic feet.

PSAC president and chief executive Gurpreet Lail says while the outlook for the oilpatch is brighter than it was a year ago, the industry has not yet rebounded to where it was before oil prices crashed in late 2014.

She says while higher commodity prices are driving an uptick in drilling, the industry is also facing a severe labour shortage that could impede growth.

Follow BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Week in Review – Stock gainers/fallers and most read articles
  • US natgas up 2% on forecast for more demand, record exports to Mexico
  • Canadian Rig Count Summary – First hints of the spring thaw’s end?
  • 360 acquires Astute Environmental and continues systematic sector growth
  • Oil prices rise as Congress approves US debt ceiling bill

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    BOE Network
    © 2023 Stack Technologies Ltd.