US, Canada Should See Robust Drilling This Year

Click here to enlarge imageHealthy increases in oil and gas well drilling can be expected in the US and Canada in 2000.Wellhead revenues to US producers climbed sharply between 1998 and 1999 and are forecast for another large jump in 2000. But even the $84 billion in oil and gas revenues anticipated for this year would fall short of the $86 billion realized in 1996 and 1997.The revenue figures are based on OGJ's forecast that prices in the US will average $18.10/bbl for crude oil and $2.30/Mcf for natural gas during 2000.OGJ at midyear 1999 predicted that operators would drill 18,600 wells in the US during 1999. It now appears that with the drilling surge in the latter months that t...

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