Oil industry ’cautiously optimistic’ about 2013

The Canadian Association of Oilwell Drilling Contractors is cautiously optimistic about the industry’s prospects in 2013. That’s according to Mark Scholz, who is president and CEO of the industry association.

The Canadian Association of Oilwell Drilling Contractors is cautiously optimistic about the industry’s prospects in 2013.

That’s according to Mark Scholz, who is president and CEO of the industry association. Scholz said about 44 per cent of the group’s 830 rigs were active in 2012, and this year it’s looking like about 40 per cent by the end of this year. He said it’s been difficult to raise money to invest in oil and gas wells, which results in less capital for new wells. Scholz also said a lack of pipeline infrastructure to access international markets and the continuing labour shortage will also affect how drillers do this year.

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