Canadian Services Group Sees Drilling Bump in 2021
Jan 28, 2021 4:25:pm
Summary
by: Dale Lunan
Canadian Services Group Sees Drilling Bump in 2021
The Petroleum Services Association of Canada (PSAC), which represents oilfield service (OFS) companies, revised upwards its 2021 drilling forecast on January 28.
It is now projecting 3,350 wells will be drilled in Canada this year on a rig release basis, up from its initial forecast in October 2020 of 2,600 wells.
The updated forecast is based largely on a stronger commodity price outlook for 2021, with West Texas Intermediate (WTI) crude now forecast to average US$50/b and western Canadian natural gas at Aeco to average C$2.60/’000 ft