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2017-08-03 12:10:00

CANADIAN DRILLING UP

CANADIAN DRILLING UP

OGJThe Petroleum Services Association of Canada (PSAC) has updated its 2017 Canadian Drilling Activity Forecast to reflect an increase in its projected total number of wells to be drilled during the year to 7,200 from 6,680.

PSAC based the update on average natural gas prices of $2.75/Mcf (Can.) for AECO, crude oil prices of $49.00/bbl (US) for West Texas Intermediate, and the Canada-US exchange rate averaging $0.77.

On a provincial basis for 2017, PSAC now estimates 3,604 wells to be drilled in Alberta, up from 1,900 wells in the original forecast. It is expected 580 wells will be drilled in British Columbia this year, with PSAC's revised forecast up 300 wells from the original forecast. The revised forecast for Saskatchewan now sits at 2,794 wells compared with 1,940 wells in the original forecast. Manitoba is forecasted to count 206 wells.

"One of the events that played out that was not well understood at the time of the original forecast was the relatively quick impact of the transfer of investment out of the oil sands into the conventional sector and, more specifically, towards liquid rich natural gas and light tight oil, which ultimately provide a faster return on investment dollars than the longer-term investment oil sands projects," explained Mark Salkeld, PSAC president and chief executive officer.

"This investment shift played an important role in taking a rig count from what we thought would be closer to 200 active rigs to well over 300 in first-quarter 2017," he said.

"The cost reductions from the services sector demanded by their customers are also still playing a significant role in helping with activity levels enabling [exploration and production] companies to drill more wells at less cost," Salkeld noted. "The downside to this is that slim services sector margins mean less funds available for new [research and development] and innovation.

"Only those players with deep pockets can continue to develop leading edge technologies and process solutions," he said. "The very unsophisticated and borderline archaic supply chain and collaboration relationships in Canada do not support a model for continuous improvement."

Salkeld continued, "Canada continues to struggle with its place in the world of energy supply given our lack of access to tidewater and public support for infrastructure, suggesting the lofty levels of activity seen in 2014 are likely a thing of the past. The decision last week by Petronas to abandon the Pacific NorthWest LNG project in BC is yet another sign that investors see better opportunities for their capital elsewhere."

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Earlier: 

CANADA'S ECONOMY UP 4% 

SHELL DIVESTS CANADA $8.2 BLN 

CANADIAN WELLS UP TO 6,680 

SHELL DIVESTS CANADA $7.25 BLN 

TRANSCANADA NET INCOME DOWN 48% 

CANADA'S OIL WILL UP 

CANADA'S GAS PRODUCTION WILL UP

 

 

Tags: CANADA, OIL, GAS, DRILLING

Chronicle:

CANADIAN DRILLING UP
October, 23, 11:15:00

LIBYAN OIL PRODUCTION 1 MBD

Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.

CANADIAN DRILLING UP
October, 23, 11:10:00

SCHLUMBERGER NET INCOME $545 MLN

Revenue of $7.9 billion increased 6% sequentially Pretax operating income of $1.1 billion increased 11% sequentially GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 EPS, excluding Cameron integration-related charges, was $0.42 Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion

CANADIAN DRILLING UP
October, 23, 11:05:00

BAKER HUGHES NET LOSS $104 BLN

“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.

CANADIAN DRILLING UP
October, 23, 11:00:00

U.S. RIGS DOWN 15 TO 913

U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.

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