Oil and gas drilling in Canada will increase by 5% in 2018, in line with a gradual rise in crude prices, the Petroleum Services Association of Canada (PSAC) has said in the third update to its Canadian Drilling Activity Forecast, published on Tuesday.
The Alberta-based association predicts oil and gas companies will drill 7,900 wells in 2018, up from 7,550 in 2017, with the largest increase forecast for Canada’s biggest crude oil- and gas-producing province of Alberta.
The 2018 drilling estimate is nearly 30% below levels see...
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