Page 28 - December 9, 2019
P. 28
Monthly update on the Oil & Gas and Energy Industry
PSAC Forecasts 4,500 Wells Drilled in 2020 THE WEEKLY ANCHOR MONDAY DECEMBER 9, 2019 PAGE 27 A ENERGY EDUCATION IN ACTION
THE WEEKLY ANCHOR
PAGE 28 MONDAY DECEMBER 9, 2019
Oilpatch braces for continued uncertainty PSAC is forecasting a further ten per cent and closure work has helped some
decline in activity to 4,500 wells.” companies survive while sadly, others A Monthly update on the Oil & Gas and Energy Industry
The Petroleum Services Association of On a provincial basis for 2020, PSAC have been forced to relocate, however
Canada (PSAC) released its 2020 estimates 2,155 wells to be drilled in Alberta, reluctantly, to the US or other
Canadian Oilfield Services Activity and 1,795 wells for Saskatchewan, international locations or close their
Forecast. PSAC expects a total of 4,500 representing year-over-year decreases of 235 doors entirely.” Enbridge's Line 3 pipeline project in service
wells (rig releases) to be drilled in Canada and 200 wells, respectively. At 190 wells, Added Mar, “It's time our country had
in 2020. For 2019, the Association's final drilling activity in Manitoba is expected to a vision for energy, a vision that could
revised forecast predicts a yearly total of drop by 20 wells year-over-year, whilst inspire Canadians to join together in On Sunday, December 1 Enbridge system, Line 3 will increase Alberta's extremely important as they will deliver
5,000 wells. activity in British Columbia is projected to support of our responsible energy placed the $5.3-billion Canadian portion takeaway capacity by about 100,000 barrels more of Alberta's energy to market while
PSAC bases its 2020 forecast on decrease from 390 wells in 2019 to 345 wells development that benefits the lives of all of its Line 3 pipeline project into service. per day. major projects – such as Trans Mountain,
average natural gas prices of $1.60 in 2020. At 15 wells for both 2019 and 2020, Canadians. We are reducing our The company continues to face delays in “This pipeline replacement checks a lot of Keystone XL and the remainder of Line
CDN/mcf (AECO), crude oil prices of activity in Eastern Canada is expected to environmental footprint and GHG Minnesota for the construction of the boxes: it enhances safety, has created 3 in the United States – are still in
US$58/barrel (WTI), and the Canadian remain flat year-over-year. emissions through new technologies. U.S. portion of the pipeline, which will thousands of jobs on both sides of the border, development.
dollar averaging $0.76USD. Mar continued, “The only bright spot for Let's find a way to work together for replace an aging pipeline currently in and will continue to provide critical tax “The world demand for energy will
PSAC President and CEO Gary Mar oilfield services companies is the spending Canada to be the global leader and place. revenues over its lifespan in both Canada and continue to increase in the coming
commented, “Following a very on production optimization, maintenance and producer of choice rather than let Energy Minister Sonya Savage issued the U.S. But we still need more – much decades and we believe that this demand
disappointing 2019 that saw activity repair work (MRO) that continues along with countries with lower human rights, the following statement regarding the more. should be met with Alberta energy. We
continued from page 26
plunge to 2015/2016 levels with about new decommissioning and closure activity. environment, and regulatory standards Canadian segment of Enbridge's Line 3 “We will continue to fight for market will continue to unapologetically defend
2,000 fewer wells drilled than forecast, With additional funding in place for the meet the needs of growing populations replacement project coming into service, access; but in the meantime, we need to find our energy industry, our workers and our
the outlook for 2020 is even worse with Alberta Orphan Well Association and the and under-developed nations. Let's stop “This is an important milestone for our ways to maximize and optimize our existing high environmental, social and
Exploration & Production (E&P) introduction of the Alberta Energy penalizing ourselves while other province. Along with other pipelines. governance standards.”
companies choosing to buy back their Regulator's Area Based Closure program, countries reap the benefits that should be enhancements to the Enbridge Mainline “These kinds of capacity increases are
own under-valued shares, pay dividends work in these areas has increased. This MRO ours.”
and pay down debt rather than reinvest in
Canada. It's hard to justify spending or
attract new capital investment when Tim McMillan
market access constraints remain and President and CEO
policy uncertainty persists. With the Canadian Association of Petroleum Producers
unrelenting focus on climate action during
the recent federal election campaign and
the resulting minority government that is
expected to be supported by parties that
have no interest in the global GHG
reductions that Canada's oil and gas
industry can deliver nor the economic
benefits that Canada's most prolific
industry and largest exporter provides,
Industry supporters of responsible energy
Specializing in pipeline construction, facility constructions,
maintenance, abandonments and compression projects
780-728-0004 4515 2nd Avenue
PSAC Forecasts 4,500 Wells Drilled in 2020 THE WEEKLY ANCHOR MONDAY DECEMBER 9, 2019 PAGE 27 A ENERGY EDUCATION IN ACTION
THE WEEKLY ANCHOR
PAGE 28 MONDAY DECEMBER 9, 2019
Oilpatch braces for continued uncertainty PSAC is forecasting a further ten per cent and closure work has helped some
decline in activity to 4,500 wells.” companies survive while sadly, others A Monthly update on the Oil & Gas and Energy Industry
The Petroleum Services Association of On a provincial basis for 2020, PSAC have been forced to relocate, however
Canada (PSAC) released its 2020 estimates 2,155 wells to be drilled in Alberta, reluctantly, to the US or other
Canadian Oilfield Services Activity and 1,795 wells for Saskatchewan, international locations or close their
Forecast. PSAC expects a total of 4,500 representing year-over-year decreases of 235 doors entirely.” Enbridge's Line 3 pipeline project in service
wells (rig releases) to be drilled in Canada and 200 wells, respectively. At 190 wells, Added Mar, “It's time our country had
in 2020. For 2019, the Association's final drilling activity in Manitoba is expected to a vision for energy, a vision that could
revised forecast predicts a yearly total of drop by 20 wells year-over-year, whilst inspire Canadians to join together in On Sunday, December 1 Enbridge system, Line 3 will increase Alberta's extremely important as they will deliver
5,000 wells. activity in British Columbia is projected to support of our responsible energy placed the $5.3-billion Canadian portion takeaway capacity by about 100,000 barrels more of Alberta's energy to market while
PSAC bases its 2020 forecast on decrease from 390 wells in 2019 to 345 wells development that benefits the lives of all of its Line 3 pipeline project into service. per day. major projects – such as Trans Mountain,
average natural gas prices of $1.60 in 2020. At 15 wells for both 2019 and 2020, Canadians. We are reducing our The company continues to face delays in “This pipeline replacement checks a lot of Keystone XL and the remainder of Line
CDN/mcf (AECO), crude oil prices of activity in Eastern Canada is expected to environmental footprint and GHG Minnesota for the construction of the boxes: it enhances safety, has created 3 in the United States – are still in
US$58/barrel (WTI), and the Canadian remain flat year-over-year. emissions through new technologies. U.S. portion of the pipeline, which will thousands of jobs on both sides of the border, development.
dollar averaging $0.76USD. Mar continued, “The only bright spot for Let's find a way to work together for replace an aging pipeline currently in and will continue to provide critical tax “The world demand for energy will
PSAC President and CEO Gary Mar oilfield services companies is the spending Canada to be the global leader and place. revenues over its lifespan in both Canada and continue to increase in the coming
commented, “Following a very on production optimization, maintenance and producer of choice rather than let Energy Minister Sonya Savage issued the U.S. But we still need more – much decades and we believe that this demand
disappointing 2019 that saw activity repair work (MRO) that continues along with countries with lower human rights, the following statement regarding the more. should be met with Alberta energy. We
continued from page 26
plunge to 2015/2016 levels with about new decommissioning and closure activity. environment, and regulatory standards Canadian segment of Enbridge's Line 3 “We will continue to fight for market will continue to unapologetically defend
2,000 fewer wells drilled than forecast, With additional funding in place for the meet the needs of growing populations replacement project coming into service, access; but in the meantime, we need to find our energy industry, our workers and our
the outlook for 2020 is even worse with Alberta Orphan Well Association and the and under-developed nations. Let's stop “This is an important milestone for our ways to maximize and optimize our existing high environmental, social and
Exploration & Production (E&P) introduction of the Alberta Energy penalizing ourselves while other province. Along with other pipelines. governance standards.”
companies choosing to buy back their Regulator's Area Based Closure program, countries reap the benefits that should be enhancements to the Enbridge Mainline “These kinds of capacity increases are
own under-valued shares, pay dividends work in these areas has increased. This MRO ours.”
and pay down debt rather than reinvest in
Canada. It's hard to justify spending or
attract new capital investment when Tim McMillan
market access constraints remain and President and CEO
policy uncertainty persists. With the Canadian Association of Petroleum Producers
unrelenting focus on climate action during
the recent federal election campaign and
the resulting minority government that is
expected to be supported by parties that
have no interest in the global GHG
reductions that Canada's oil and gas
industry can deliver nor the economic
benefits that Canada's most prolific
industry and largest exporter provides,
Industry supporters of responsible energy
Specializing in pipeline construction, facility constructions,
maintenance, abandonments and compression projects
780-728-0004 4515 2nd Avenue
