PSAC cuts drilling forecast by 24 per cent

PSAC cuts drilling forecast by 24 per cent by News Staff Posted Jan 27, 2015 9:18 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email The Petroleum Services Association of Canada is slicing its forecast for drilling in the country by 24 per cent in light of dropping crude prices.Mark Salkeld, the president and CEO of PSAC, says the drop in prices has forced companies to cut costs, which includes lowering production.Across the country, PSAC says 2,450 fewer wells will be drilled than originally forecast, while in Alberta, just fewer than 4,200 wells will be drilled, down from an original estimate of more than 5,700.Salkeld points out the industry has been through dips before and will get through it, but it’s still unknown how long the low prices will last.Last week, The Canadian Association of Oilwell Drilling Contractors (CAODC) released its 2015 forecast, projecting a 41 per cent decrease in activity. read more