CONTRACTORS TRIM PREDICTION FOR CANADIAN DRILLING
The Canadian Association of Oilwell Drilling Contractors (Caodc) has cut its forecast of 1992 drilling activity and foresees little improvement in 1993. The association said it expects 4,100 wells to be drilled in Canada this year with an average of 99 active rigs. That compares with an earlier Caodc forecast of 4,900 wells and 125 rigs, which later was increased to 5,300 wells and 134 rigs. Caodc blamed low oil and gas prices and high taxes as major factors in dampening drilling activity.