Newspaper article The Canadian Press

Drilling Association Says 2016 on Track to Be Worst for Activity on Record

Newspaper article The Canadian Press

Drilling Association Says 2016 on Track to Be Worst for Activity on Record

Article excerpt

Drilling association says 2016 worst on record

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CALGARY - The Canadian Association of Oilwell Drilling Contractors expects 2016 to be the worst year for drilling activity in almost four decades of record keeping.

The association revised down its forecast for the year on Wednesday, dropping the number of expected well drillings for the year by a quarter to 3,562 compared with its forecast last November.

Drilling activity has been on a steep decline as the drop in oil prices has prompted companies to cut back on exploration and early development.

This year's expected drill count is down 33 per cent from last year's 5,292 wells drilled, and down 68 per cent compared with 2014 when 11,226 wells were drilled.

The drop in well drilling has meant fewer jobs in the industry and fewer rigs needed, with the CAODC revising down the direct and indirect employment numbers by 6,075, or 28 per cent, to 15,390 for the year. …

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