Page 28 - Februay 10 2020
P. 28
Monthly update on the Oil & Gas and Energy Industry
PSAC Forecasts 4,500 Wells Drilled in 2020 THE WEEKLY ANCHOR MONDAY NOVEMBER 18, 2019 PAGE 27 A ENERGY EDUCATION IN ACTION
THE WEEKLY ANCHOR
PAGE 28 MONDAY FEBRUARY 10, 2020
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.” FCA Decision: Statement from Premier Jason Kenney
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 Premier Jason Kenney issued the that it's time to get this pipeline built. TMX "We particularly appreciate the clarity
5,000 wells. activity in British Columbia is projected to support of our responsible energy following statement on the Federal Court will result in billions of dollars of economic in the decision that the duty to consult
PSAC bases its 2020 forecast on decrease from 390 wells in 2019 to 345 wells development that benefits the lives of all of Appeal dismissing applications prosperity for Canadians and create well- does not equal a veto.
average natural gas prices of $1.60 in 2020. At 15 wells for both 2019 and 2020, Canadians. We are reducing our against the Trans Mountain pipeline paying jobs throughout the country. “This marks an important milestone
CDN/mcf (AECO), crude oil prices of activity in Eastern Canada is expected to environmental footprint and GHG expansion: “While we respect the opinion of those for TMX, but we won't get ahead of
US$58/barrel (WTI), and the Canadian remain flat year-over-year. emissions through new technologies. “This is a victory for common sense who have voiced opposition to the project, ourselves. Completion of construction
dollar averaging $0.76USD. Mar continued, “The only bright spot for Let's find a way to work together for and the rule of law. We are pleased the the fact is the majority of First Nations remains the one true measure of success.
PSAC President and CEO Gary Mar oilfield services companies is the spending Canada to be the global leader and Federal Court of Appeal made a fair communities – and the majority of We will hold our celebrations until oil is
commented, “Following a very on production optimization, maintenance and producer of choice rather than let decision. This ruling confirms what Canadians – want to share in the economic flowing through the pipeline.
disappointing 2019 that saw activity repair work (MRO) that continues along with countries with lower human rights, we've known all along: the Trans benefits of responsible resource “Our government will continue to
continued from page 26
plunge to 2015/2016 levels with about new decommissioning and closure activity. environment, and regulatory standards Mountain expansion project has been development. That's demonstrated by the 58 stand up for Alberta by advocating for
2,000 fewer wells drilled than forecast, With additional funding in place for the meet the needs of growing populations held to the highest standard at every mutual benefit agreements that Trans increased market access and protecting
the outlook for 2020 is even worse with Alberta Orphan Well Association and the and under-developed nations. Let's stop turn. Mountain has signed with Indigenous the value of our energy exports to grow
Exploration & Production (E&P) introduction of the Alberta Energy penalizing ourselves while other “Now that this legal hurdle has been communities across Alberta and British our economy and create jobs.”
companies choosing to buy back their Regulator's Area Based Closure program, countries reap the benefits that should be cleared, there is absolutely no denying Columbia.
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 NOVEMBER 18, 2019 PAGE 27 A ENERGY EDUCATION IN ACTION
THE WEEKLY ANCHOR
PAGE 28 MONDAY FEBRUARY 10, 2020
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.” FCA Decision: Statement from Premier Jason Kenney
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 Premier Jason Kenney issued the that it's time to get this pipeline built. TMX "We particularly appreciate the clarity
5,000 wells. activity in British Columbia is projected to support of our responsible energy following statement on the Federal Court will result in billions of dollars of economic in the decision that the duty to consult
PSAC bases its 2020 forecast on decrease from 390 wells in 2019 to 345 wells development that benefits the lives of all of Appeal dismissing applications prosperity for Canadians and create well- does not equal a veto.
average natural gas prices of $1.60 in 2020. At 15 wells for both 2019 and 2020, Canadians. We are reducing our against the Trans Mountain pipeline paying jobs throughout the country. “This marks an important milestone
CDN/mcf (AECO), crude oil prices of activity in Eastern Canada is expected to environmental footprint and GHG expansion: “While we respect the opinion of those for TMX, but we won't get ahead of
US$58/barrel (WTI), and the Canadian remain flat year-over-year. emissions through new technologies. “This is a victory for common sense who have voiced opposition to the project, ourselves. Completion of construction
dollar averaging $0.76USD. Mar continued, “The only bright spot for Let's find a way to work together for and the rule of law. We are pleased the the fact is the majority of First Nations remains the one true measure of success.
PSAC President and CEO Gary Mar oilfield services companies is the spending Canada to be the global leader and Federal Court of Appeal made a fair communities – and the majority of We will hold our celebrations until oil is
commented, “Following a very on production optimization, maintenance and producer of choice rather than let decision. This ruling confirms what Canadians – want to share in the economic flowing through the pipeline.
disappointing 2019 that saw activity repair work (MRO) that continues along with countries with lower human rights, we've known all along: the Trans benefits of responsible resource “Our government will continue to
continued from page 26
plunge to 2015/2016 levels with about new decommissioning and closure activity. environment, and regulatory standards Mountain expansion project has been development. That's demonstrated by the 58 stand up for Alberta by advocating for
2,000 fewer wells drilled than forecast, With additional funding in place for the meet the needs of growing populations held to the highest standard at every mutual benefit agreements that Trans increased market access and protecting
the outlook for 2020 is even worse with Alberta Orphan Well Association and the and under-developed nations. Let's stop turn. Mountain has signed with Indigenous the value of our energy exports to grow
Exploration & Production (E&P) introduction of the Alberta Energy penalizing ourselves while other “Now that this legal hurdle has been communities across Alberta and British our economy and create jobs.”
companies choosing to buy back their Regulator's Area Based Closure program, countries reap the benefits that should be cleared, there is absolutely no denying Columbia.
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
