US, Canada drilling to rise as oil, gas prices moderate

01/29/2001
Click here to enlarge imageDrilling in the US and Canada should post a healthy increase this year even as average oil and gas prices moderate compared with 2000 prices.Oil & Gas Journal forecasts an approximate 6% pick-up in drilling this year in the face of 9-10% declines in oil and gas prices at the wellhead.Individual public companies have announced plans to boost capital and exploration spending 5-15% in 2001, but OGJ does not expect the industry average to reach double digits.Nevertheless, US operators should have ample funds for drilling and completion based on prices at the wellhead that averaged $27.23/bbl for oil and $3.85/Mcf for gas in 2000 and remain high as 2001 begins.A ri...
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