Page 28 - January 6 2020
P. 28
A
Monthly update on the Oil & Gas and Energy Industry
THE WEEKLY ANCHOR
PAGE 28 MONDAY JANUARY 6, 2020
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 JANUARY 6, 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.” Why we must get Canadian energy to global markets
wells (rig releases) to be drilled in Canada and 200 wells, respectively. At 190 wells, Added Mar, “It's time our country had continued from pg 27
in 2020. For 2019, the Association's final drilling activity in Manitoba is expected to a vision for energy, a vision that could
roads. It means Canada can make a much
revised forecast predicts a yearly total of drop by 20 wells year-over-year, whilst inspire Canadians to join together in bigger difference outside of our borders in Canadians. peoples.
It's essential that we build upon our energy
In addition, all Canadians deserve opportunities
5,000 wells. activity in British Columbia is projected to support of our responsible energy lowering global GHG emissions than we for prosperity, which the energy industry helps to industry with innovation and thoughtful
PSAC bases its 2020 forecast on decrease from 390 wells in 2019 to 345 wells development that benefits the lives of all could ever achieve by focusing only on support across the country. foresight so that we can all benefit socially,
average natural gas prices of $1.60 in 2020. At 15 wells for both 2019 and 2020, Canadians. We are reducing our ourselves. The industry remains positive as we look at the economically and environmentally, here in
CDN/mcf (AECO), crude oil prices of activity in Eastern Canada is expected to environmental footprint and GHG In turn, these emissions reductions must be opportunity ahead. For Canada, a strong oil and Canada and beyond our borders.
US$58/barrel (WTI), and the Canadian remain flat year-over-year. emissions through new technologies. recognized both domestically and natural gas industry keeps our communities With market access, and a framework that
dollar averaging $0.76USD. Mar continued, “The only bright spot for Let's find a way to work together for internationally and contribute to our strong. This includes providing opportunities for enables Canadian LNG and oil to get to
PSAC President and CEO Gary Mar oilfield services companies is the spending Canada to be the global leader and commitment under the Paris Agreement. For Indigenous communities and businesses to play global markets, Canada can help fill world
commented, “Following a very on production optimization, maintenance and producer of choice rather than let this to happen, Article 6 of the Paris an active role in resource development. For many energy demand, playing a role in bringing
disappointing 2019 that saw activity repair work (MRO) that continues along with countries with lower human rights, Agreement must enable countries to share Indigenous communities, involvement with the populations out of energy poverty and
continued from page 26
plunge to 2015/2016 levels with about new decommissioning and closure activity. environment, and regulatory standards offset credits – called Internationally energy industry provides a path toward defeating reducing net global greenhouse gas
2,000 fewer wells drilled than forecast, With additional funding in place for the meet the needs of growing populations Transferable Mitigation Outcomes (ITMOs) poverty and in turn leads the country further emissions at the same time. -Troy Media
along our road to reconciliation with Indigenous
– from another country.
the outlook for 2020 is even worse with Alberta Orphan Well Association and the and under-developed nations. Let's stop If Canada, as the supplier of this cleaner
Exploration & Production (E&P) introduction of the Alberta Energy penalizing ourselves while other burning fuel, is able to
companies choosing to buy back their Regulator's Area Based Closure program, countries reap the benefits that should be receive credit for a
own under-valued shares, pay dividends work in these areas has increased. This MRO ours.” portion of these carbon
and pay down debt rather than reinvest in offsets, Canada will be
Canada. It's hard to justify spending or better positioned to meet
attract new capital investment when Tim McMillan its Paris climate accord
market access constraints remain and President and CEO targets while allowing
policy uncertainty persists. With the Canadian Association of Petroleum Producers additional LNG facility
unrelenting focus on climate action during development to take place
the recent federal election campaign and at home.
If Canada can take this
the resulting minority government that is opportunity to grow an
expected to be supported by parties that industry around LNG to
have no interest in the global GHG meet global demand, it
reductions that Canada's oil and gas will also create economic
industry can deliver nor the economic and other benefits across
benefits that Canada's most prolific Canada. The Canadian oil
industry and largest exporter provides, and natural gas industry
contributes billions to
government revenues
every year, which
supports our social fabric
and standard of living by
helping to fund schools,
nurses, teachers and
infrastructure, and making
life more affordable for all
Industry supporters of responsible energy
Specializing in pipeline construction, facility constructions,
maintenance, abandonments and compression projects
780-728-0004 4515 2nd Avenue
Monthly update on the Oil & Gas and Energy Industry
THE WEEKLY ANCHOR
PAGE 28 MONDAY JANUARY 6, 2020
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 JANUARY 6, 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.” Why we must get Canadian energy to global markets
wells (rig releases) to be drilled in Canada and 200 wells, respectively. At 190 wells, Added Mar, “It's time our country had continued from pg 27
in 2020. For 2019, the Association's final drilling activity in Manitoba is expected to a vision for energy, a vision that could
roads. It means Canada can make a much
revised forecast predicts a yearly total of drop by 20 wells year-over-year, whilst inspire Canadians to join together in bigger difference outside of our borders in Canadians. peoples.
It's essential that we build upon our energy
In addition, all Canadians deserve opportunities
5,000 wells. activity in British Columbia is projected to support of our responsible energy lowering global GHG emissions than we for prosperity, which the energy industry helps to industry with innovation and thoughtful
PSAC bases its 2020 forecast on decrease from 390 wells in 2019 to 345 wells development that benefits the lives of all could ever achieve by focusing only on support across the country. foresight so that we can all benefit socially,
average natural gas prices of $1.60 in 2020. At 15 wells for both 2019 and 2020, Canadians. We are reducing our ourselves. The industry remains positive as we look at the economically and environmentally, here in
CDN/mcf (AECO), crude oil prices of activity in Eastern Canada is expected to environmental footprint and GHG In turn, these emissions reductions must be opportunity ahead. For Canada, a strong oil and Canada and beyond our borders.
US$58/barrel (WTI), and the Canadian remain flat year-over-year. emissions through new technologies. recognized both domestically and natural gas industry keeps our communities With market access, and a framework that
dollar averaging $0.76USD. Mar continued, “The only bright spot for Let's find a way to work together for internationally and contribute to our strong. This includes providing opportunities for enables Canadian LNG and oil to get to
PSAC President and CEO Gary Mar oilfield services companies is the spending Canada to be the global leader and commitment under the Paris Agreement. For Indigenous communities and businesses to play global markets, Canada can help fill world
commented, “Following a very on production optimization, maintenance and producer of choice rather than let this to happen, Article 6 of the Paris an active role in resource development. For many energy demand, playing a role in bringing
disappointing 2019 that saw activity repair work (MRO) that continues along with countries with lower human rights, Agreement must enable countries to share Indigenous communities, involvement with the populations out of energy poverty and
continued from page 26
plunge to 2015/2016 levels with about new decommissioning and closure activity. environment, and regulatory standards offset credits – called Internationally energy industry provides a path toward defeating reducing net global greenhouse gas
2,000 fewer wells drilled than forecast, With additional funding in place for the meet the needs of growing populations Transferable Mitigation Outcomes (ITMOs) poverty and in turn leads the country further emissions at the same time. -Troy Media
along our road to reconciliation with Indigenous
– from another country.
the outlook for 2020 is even worse with Alberta Orphan Well Association and the and under-developed nations. Let's stop If Canada, as the supplier of this cleaner
Exploration & Production (E&P) introduction of the Alberta Energy penalizing ourselves while other burning fuel, is able to
companies choosing to buy back their Regulator's Area Based Closure program, countries reap the benefits that should be receive credit for a
own under-valued shares, pay dividends work in these areas has increased. This MRO ours.” portion of these carbon
and pay down debt rather than reinvest in offsets, Canada will be
Canada. It's hard to justify spending or better positioned to meet
attract new capital investment when Tim McMillan its Paris climate accord
market access constraints remain and President and CEO targets while allowing
policy uncertainty persists. With the Canadian Association of Petroleum Producers additional LNG facility
unrelenting focus on climate action during development to take place
the recent federal election campaign and at home.
If Canada can take this
the resulting minority government that is opportunity to grow an
expected to be supported by parties that industry around LNG to
have no interest in the global GHG meet global demand, it
reductions that Canada's oil and gas will also create economic
industry can deliver nor the economic and other benefits across
benefits that Canada's most prolific Canada. The Canadian oil
industry and largest exporter provides, and natural gas industry
contributes billions to
government revenues
every year, which
supports our social fabric
and standard of living by
helping to fund schools,
nurses, teachers and
infrastructure, and making
life more affordable for all
Industry supporters of responsible energy
Specializing in pipeline construction, facility constructions,
maintenance, abandonments and compression projects
780-728-0004 4515 2nd Avenue
