Page 13 - March 30 2020
P. 13
THE WEEKLY ANCHOR
THE WEEKLY ANCHOR
PAGE 28 MONDAY NOVEMBER 18, 2019
Monthly update on the Oil & Gas and Energy Industry
PSAC Forecasts 4,500 Wells Drilled in 2020 PAGE 18 MONDAY NOVEMBER 6, 2017 MONDAY MARCH 30, 2020 PAGE 13 A ENERGY EDUCATION IN ACTION
THE WEEKLY ANCHOR
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.” Protecting jobs, providing economic relief for energy sector
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 Province takes action to protect jobs and provide immediate economic relief to Alberta's energy sector
revised forecast predicts a yearly total of drop by 20 wells year-over-year, whilst inspire Canadians to join together in
5,000 wells. activity in British Columbia is projected to support of our responsible energy Mar 20, 2020: In the face of challenges Regulator levy: $113 million 1,000 wells, and start more than 1,000
PSAC bases its 2020 forecast on decrease from 390 wells in 2019 to 345 wells development that benefits the lives of all resulting from the COVID-19 outbreak - Government is funding the industry levy environmental assessments, creating up
average natural gas prices of $1.60 in 2020. At 15 wells for both 2019 and 2020, Canadians. We are reducing our and declining oil prices due to an for the Alberta Energy Regulator for a period to 500 direct and indirect jobs.
CDN/mcf (AECO), crude oil prices of activity in Eastern Canada is expected to environmental footprint and GHG international price war, government is of six months, achieving $113 million in In addition to these actions,
US$58/barrel (WTI), and the Canadian remain flat year-over-year. emissions through new technologies. taking the first step in implementing a industry relief. government continues to cut unnecessary
dollar averaging $0.76USD. Mar continued, “The only bright spot for Let's find a way to work together for series of energy sector initiatives aimed - Granting extensions for oil and gas red tape to reduce the burden of doing
PSAC President and CEO Gary Mar oilfield services companies is the spending Canada to be the global leader and at enhancing immediate liquidity – and tenures business.
commented, “Following a very on production optimization, maintenance and producer of choice rather than let longer-term certainty – of energy - Extending the term of mineral These efforts build on the Government
disappointing 2019 that saw activity repair work (MRO) that continues along with countries with lower human rights, companies. agreements expiring in 2020 by one year of Alberta's comprehensive response to
continued from page 26
plunge to 2015/2016 levels with about new decommissioning and closure activity. environment, and regulatory standards Alberta's energy sector supports more provides increased certainty for industry by protect Albertans through a global public
2,000 fewer wells drilled than forecast, With additional funding in place for the meet the needs of growing populations than 500,000 jobs across Canada. These allowing additional time to raise capital and health emergency. Measures have been
the outlook for 2020 is even worse with Alberta Orphan Well Association and the and under-developed nations. Let's stop jobs are currently at risk and government plan future activities. introduced to protect Alberta families,
Exploration & Production (E&P) introduction of the Alberta Energy penalizing ourselves while other must act to do everything it can to ensure The Government of Alberta has extended a including $50 million in immediate
companies choosing to buy back their Regulator's Area Based Closure program, countries reap the benefits that should be energy sector firms remain operating and loan to the Orphan Well Association in the emergency isolation supports and an
own under-valued shares, pay dividends work in these areas has increased. This MRO ours.” employing Albertans. “In order to keep amount of $100 million. This loan will additional $500 million focused on
and pay down debt rather than reinvest in Albertans employed, our government is bolster the association's immediate supporting front-line health-care
Canada. It's hard to justify spending or taking immediate action to help our reclamation efforts, decommission about workers.
attract new capital investment when Tim McMillan energy sector get through these difficult
market access constraints remain and President and CEO times. By providing industry with more
policy uncertainty persists. With the Canadian Association of Petroleum Producers options, in the short-term they are able to
unrelenting focus on climate action during maintain operations and protect jobs,”
the recent federal election campaign and states Sonya Savage, Minister of Energy.
the resulting minority government that is “These are incredibly challenging times
expected to be supported by parties that for Albertans and for the energy sector.
have no interest in the global GHG These steps will provide the province's
reductions that Canada's oil and gas oil and gas producers with additional
industry can deliver nor the economic flexibility, increasing their ability to
benefits that Canada's most prolific protect their workforce,” states Gary G.
industry and largest exporter provides, Mar, president & CEO, Petroleum
Services Association of Canada.
Immediate relief for the energy
sector:
These actions are the first step in
providing short and long-term financial
relief to the oil and gas industry.
- Funding the Alberta Energy New Trans Mountain Pipeline construction crossing Rodeo Ground Rd. N. West of Edson. photo
courtesy Paul Kindiak
Industry supporters of responsible energy
Specializing in pipeline construction, facility constructions,
maintenance, abandonments and compression projects
780-728-0004 4515 2nd Avenue
THE WEEKLY ANCHOR
PAGE 28 MONDAY NOVEMBER 18, 2019
Monthly update on the Oil & Gas and Energy Industry
PSAC Forecasts 4,500 Wells Drilled in 2020 PAGE 18 MONDAY NOVEMBER 6, 2017 MONDAY MARCH 30, 2020 PAGE 13 A ENERGY EDUCATION IN ACTION
THE WEEKLY ANCHOR
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.” Protecting jobs, providing economic relief for energy sector
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 Province takes action to protect jobs and provide immediate economic relief to Alberta's energy sector
revised forecast predicts a yearly total of drop by 20 wells year-over-year, whilst inspire Canadians to join together in
5,000 wells. activity in British Columbia is projected to support of our responsible energy Mar 20, 2020: In the face of challenges Regulator levy: $113 million 1,000 wells, and start more than 1,000
PSAC bases its 2020 forecast on decrease from 390 wells in 2019 to 345 wells development that benefits the lives of all resulting from the COVID-19 outbreak - Government is funding the industry levy environmental assessments, creating up
average natural gas prices of $1.60 in 2020. At 15 wells for both 2019 and 2020, Canadians. We are reducing our and declining oil prices due to an for the Alberta Energy Regulator for a period to 500 direct and indirect jobs.
CDN/mcf (AECO), crude oil prices of activity in Eastern Canada is expected to environmental footprint and GHG international price war, government is of six months, achieving $113 million in In addition to these actions,
US$58/barrel (WTI), and the Canadian remain flat year-over-year. emissions through new technologies. taking the first step in implementing a industry relief. government continues to cut unnecessary
dollar averaging $0.76USD. Mar continued, “The only bright spot for Let's find a way to work together for series of energy sector initiatives aimed - Granting extensions for oil and gas red tape to reduce the burden of doing
PSAC President and CEO Gary Mar oilfield services companies is the spending Canada to be the global leader and at enhancing immediate liquidity – and tenures business.
commented, “Following a very on production optimization, maintenance and producer of choice rather than let longer-term certainty – of energy - Extending the term of mineral These efforts build on the Government
disappointing 2019 that saw activity repair work (MRO) that continues along with countries with lower human rights, companies. agreements expiring in 2020 by one year of Alberta's comprehensive response to
continued from page 26
plunge to 2015/2016 levels with about new decommissioning and closure activity. environment, and regulatory standards Alberta's energy sector supports more provides increased certainty for industry by protect Albertans through a global public
2,000 fewer wells drilled than forecast, With additional funding in place for the meet the needs of growing populations than 500,000 jobs across Canada. These allowing additional time to raise capital and health emergency. Measures have been
the outlook for 2020 is even worse with Alberta Orphan Well Association and the and under-developed nations. Let's stop jobs are currently at risk and government plan future activities. introduced to protect Alberta families,
Exploration & Production (E&P) introduction of the Alberta Energy penalizing ourselves while other must act to do everything it can to ensure The Government of Alberta has extended a including $50 million in immediate
companies choosing to buy back their Regulator's Area Based Closure program, countries reap the benefits that should be energy sector firms remain operating and loan to the Orphan Well Association in the emergency isolation supports and an
own under-valued shares, pay dividends work in these areas has increased. This MRO ours.” employing Albertans. “In order to keep amount of $100 million. This loan will additional $500 million focused on
and pay down debt rather than reinvest in Albertans employed, our government is bolster the association's immediate supporting front-line health-care
Canada. It's hard to justify spending or taking immediate action to help our reclamation efforts, decommission about workers.
attract new capital investment when Tim McMillan energy sector get through these difficult
market access constraints remain and President and CEO times. By providing industry with more
policy uncertainty persists. With the Canadian Association of Petroleum Producers options, in the short-term they are able to
unrelenting focus on climate action during maintain operations and protect jobs,”
the recent federal election campaign and states Sonya Savage, Minister of Energy.
the resulting minority government that is “These are incredibly challenging times
expected to be supported by parties that for Albertans and for the energy sector.
have no interest in the global GHG These steps will provide the province's
reductions that Canada's oil and gas oil and gas producers with additional
industry can deliver nor the economic flexibility, increasing their ability to
benefits that Canada's most prolific protect their workforce,” states Gary G.
industry and largest exporter provides, Mar, president & CEO, Petroleum
Services Association of Canada.
Immediate relief for the energy
sector:
These actions are the first step in
providing short and long-term financial
relief to the oil and gas industry.
- Funding the Alberta Energy New Trans Mountain Pipeline construction crossing Rodeo Ground Rd. N. West of Edson. photo
courtesy Paul Kindiak
Industry supporters of responsible energy
Specializing in pipeline construction, facility constructions,
maintenance, abandonments and compression projects
780-728-0004 4515 2nd Avenue
