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Bullboard - Stock Discussion Forum Precision Drilling Corp T.PD

Alternate Symbol(s):  PDS

Precision Drilling Inc is a Canada-based drilling company. The Company is engaged in the exploration and production of oil and natural gas. Its services include North American drilling, international drilling, oilfield equipment rentals, camp & catering services. The Company technology includes AlphaAutomation, AlphaApps, AlphaAnalytics and EverGreen.

TSX:PD - Post Discussion

Precision Drilling Corp > 2022 oilpatch drilling
View:
Post by Possibleidiot01 on Nov 11, 2021 2:48pm

2022 oilpatch drilling

Oilpatch drilling activity to rise in 2022: PSAC

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CALGARY - Drilling activity in the Canadian oilpatch will return to pre-pandemic levels in 2022, according to a new industry forecast.

The Petroleum Services Association of Canada (PSAC) says it expects a total of 5,400 wells to be drilled in Canada next year, an increase of 16 per cent year-over-year and the most activity since 2019.

PSAC also revised its 2021 forecast to 4,650 wells, in light of increased activity in the last half of the year. At the start of 2021, PSAC was predicting 3,350 wells to be drilled for the year.

PSAC's forecast for 2022 is based on a projected WTI crude price at an average of $70 per barrel, and an AECO natural gas average of $4.10 per thousand cubic feet.

PSAC president and chief executive Gurpreet Lail says while the outlook for the oilpatch is brighter than it was a year ago, the industry has not yet rebounded to where it was before oil prices crashed in late 2014.

She says while higher commodity prices are driving an uptick in drilling, the industry is also facing a severe labour shortage that could impede growth.
Comment by Possibleidiot01 on Nov 23, 2021 2:32pm
Estimates further increased.   Oil well drilling set to rise more than 25% in 2022: Industry group The Canadian Press AddThis Sharing Buttons Share to Facebook Share to TwitterShare to LinkedInShare to EmailShare to More ...more  
Comment by JohnSP on Jan 02, 2022 8:59pm
Thanks, wouldn;t be surprised if they raised it again in 2022.
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