Resource plays, CBM to fuel drilling upturns in US, Canada

Drillers had a busy year in the US in 2004, and a good gain is likely in 2005, OGJ predicts.A 2005 gain is also probable in Canada.With oil and gas prices at the wellhead still robust, OGJ looks for a 5.6% climb in the number of wells drilled in 2005. This forecast is an attempt to estimate the number of wells drilled in search of oil, gas, and coalbed methane.Multirig plays are active in several Rocky Mountain and Midcontinent states, and more plays are taking shape.Resource plays for so-called unconventional gas are keeping dozens of rigs busy in several states. This is a trend that may continue for a number of years.Key discoveries and producing property sales also appeared to be leadi...

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