Canadian drilling pace slows

Fewer wells are being drilled in Canada this year, equivalent to activity 5-6 years ago. Canadian operators face escalating field costs, softening natural gas prices, gas transportation cost differentials to the US, and weakening of the US dollar.The Canadian drilling industry suffered from a protracted spring breakup, exacerbated by newly built rigs swelling the available drilling fleet. This led to lower rig fleet utilization and movement of some rigs across the border to drill in the US Rocky Mountains. Frac equipment spreads were even relocated as far as Arkansas (OGJ, Sept. 17, 2007, p. 59).ForecastsOn July 26, the Petroleum Services Association of Canada in an updated Canadian drill...

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