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Why BC’s natural gas sector looks so bright By Nelson Bennett | January 29, 2021, 12:38pm
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The year just passed was one of the worst in decades for Canada’s oil and gas sector.
The Petroleum Services Association of Canada reckons the 3,100 oil and gas wells that were estimated to have been drilled in Canada in 2020 was the lowest since 1972, thanks to the pandemic and low oil prices.
It’s estimated employment in the oil and gas services sector fell 26% in 2020 (a decrease of about 20,000 jobs).
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PSAC says it now expects average benchmark U.S. crude oil prices of about US$50 per barrel, up 19 per cent from the old forecasts, with Alberta natural gas prices of C$2.60 per thousand cubic feet and the Canadian dollar slightly stronger at 79 cents US.
The improved outlook is consistent with other recent signs of optimism in the gloomy oilpatch, with the Canadian Association of Petroleum Producers calling for capital spending to rise to about $27.3 billion this year, up $3.36 billion compared with 2020.
Neither forecast is particularly robust. Last year s actual well count of 2,992 was a 50-year low and CAPP s spending estimate is a far cry from 2014 when oilpatch investment reached $81 billion.
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