Drilling forecast revised upward

The Canadian Association of Oilwell Drilling Contractors (CAODC) has nudged upward its estimate of the number of wells that will be drilled this year.

The Canadian Association of Oilwell Drilling Contractors (CAODC) has nudged upward its estimate of the number of wells that will be drilled this year.

The association, which represents the contract drilling and service rig industry, said Monday that it now expects 10,649 wells to be drilled in 2013.

That’s up 2.3 per cent from the 10,409 wells that CAODC was forecasting as of November 2012.

It said in a release that drilling activity in Western Canada during the first quarter was close to expectations, with an average of 496 rigs operating for a utilization rate of 61 per cent.

In Alberta, the rig utilization rate averaged 60 per cent, with 365 rigs out of a fleet of 607 running.

The Saskatchewan rate was 56 per cent (70 rigs out of 125), in British Columbia it was 81 per cent (47 rigs out of 58), and in Manitoba it was 55 per cent (13 rigs out of 24).

CAODC now expects an improvement on the 35 per cent utilization rate it had projected for the third quarter, and has bumped the figure to 40 per cent, with 330 rigs working.

It still anticipates 20 per cent utilization in the second quarter (164 rigs working) and 45 per cent in the fourth quarter (374 rigs working).

CAODC had forecast last November that the fleet size this year would average 830 rigs. It’s now adjusted that figure to 823 rigs.

Total operating days this year is expected to reach 121,126, as compared with an earlier forecast of 118,401.

CAODC cited market access as a continuing concern for the industry.

Just Posted

Red Deer council sets police review goals

Review will look at alternatives to RCMP-led police force and their effectiveness

Three-year deal ratified for Red Deer CUPE workers

CUPE workers to get four per cent over three years

A Red Deer single mom with MS goes to Disney World with autistic son thanks to Make-A-Wish

The first vacation for the Red Deer family brings spark back to life

UPDATED: Jury selection underway for Red Deer murder trial

Trial looking at a 2015 stabbing death outside the Village Mall

Wednesday is McDonald’s United Way Day in Red Deer

$1 from every Big Mac, Happy Meal and Egg McMuffin will be donated

Updated: Red Deer RCMP introduce downtown policing unit

A four-member downtown Red Deer RCMP unit hit the beat on Thursday… Continue reading

McGill students vote overwhelmingly for change to Redmen team nickname

MONTREAL — Students at McGill University have voted by a large majority… Continue reading

Mira Sorvino urges #MeToo to do more than ‘name and shame’

NEW YORK — Mira Sorvino believes the key to eradicating sexual misconduct… Continue reading

Stan Lee hoped to make Canadian-set series about Indigenous cop, says producer

TORONTO — Stan Lee struggled in his final years to get broadcasters… Continue reading

Holding out slim hope as crews search for more fire dead

PARADISE, Calif. — More than a dozen coroner search and recovery teams… Continue reading

Comic book genius Stan Lee, Spider-Man creator, dies at 95

LOS ANGELES — Stan Lee, the creative dynamo who revolutionized the comic… Continue reading

Canada intelligence officials have heard audio of Khashoggi murder, Trudeau says

PARIS — Justin Trudeau says Canadian intelligence officials have listened to a… Continue reading

Canada hoping to solve U.S. tariff dispute by G20 meetings at month’s end: PM

WASHINGTON — Prime Minister Justin Trudeau says he’s hopeful that Canada can… Continue reading

Bishops will delay votes on steps to combat sex abuse crisis

BALTIMORE — In an abrupt change of plans, the president of the… Continue reading

Most Read