CERI notes oil-drilling tilt in W. Canada

08/12/2013
New wells drilled in western Canada were profitable on average when they targeted oil but not when they sought natural gas last year, according to studies by the Canadian Energy Research Institute (CERI). Because of the economic disparity, rigs drilling for natural gas represented only 27% of the Western Canadian Sedimentary Basin (WCSB) fleet last year, CERI said. Gas prices have been depressed by increased supply from shale developments in the US. At current gas prices, new wells drilled across the WCSB would, on average, not recover their full costs or earn positive rates of return, the study concluded. CERI estimated weighted average supply costs in 2012 at $4.79/Mcf (Can.) for vertic...
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