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2015-11-20 19:40:00

CANADA: WORST PERIOD

CANADA: WORST PERIOD

 

CANADA WELLS & OPERATING DAYS

 

 

 CANADA Impact on Employment

 

 

CAODC announces its 2016 Drilling Forecast

  • Projected 2016 wells drilled: 4,728—a decrease of 58% from 2014 (11,226)
  • Projected operating days: 56,260—a decrease of 57% from 2014 (131,021)
  • Rig fleet expected to contract by 62 (758 drilling rigs to 696 drilling rigs)
  • 57% decrease in employment from 2014 levels (-28,485 jobs)

The Canadian Association of Oilwell Drilling Contractors (CAODC) has released a forecast for 2016 reflecting the dramatic downturn deeply impacting the oil and gas services industry. Low commodity prices, market access challenges, and cumulative regulatory and taxation changes have combined to create an investment climate that is resulting in uncertainty in Canadian markets. Activity in the Western Canadian Sedimentary Basin (WCSB) has been particularly affected, with escalating costs in an already expensive basin leaving operators exploring options outside of Canada.

Current activity levels suggest a significant de-listing of assets by member companies moving into Q1 2016. Active rig counts are down significantly in Q4 2015, with utilization rates cut in half. CAODC predicts this trend to continue throughout all four quarters in 2016, with utilization levels averaging around 22% for the year. CAODC projects the number of wells drilled in 2016 at 4,728. 

CAODC President, Mark Scholz, emphasizes the depth of the current downturn: “Today, the oil and gas services industry is facing one of the most difficult economic times in a generation. The active rig count for the western Canadian rig fleet is at the same level as experienced in 1983, one of the worst periods in our history.” Scholz also notes the important role provincial and federalgovernments play in these difficult times: “In order to achieve a healthy oil and gas industry, government must ensure its fiscal policies are competitive, predictable and consider the cumulative costs of doing business.”

caodc.ca

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More: 

DECISION AGAINST U.S. 

SUNCOR ENERGY LOSS $376 MLN 

CANADIAN OIL SANDS: THE WORST 

MOODY'S CUTS CANADA 

CANADA SLOWER GROWTH

 

 

 

Tags: CANADA, OIL, GAS, DRILLING

Chronicle:

CANADA: WORST PERIOD
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CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

CANADA: WORST PERIOD
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

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CANADA: WORST PERIOD
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

CANADA: WORST PERIOD
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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