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2017-05-01 12:05:00

CANADIAN WELLS UP TO 6,680

CANADIAN WELLS UP TO 6,680

EN The Petroleum Services Association of Canada (PSAC), in its second update to the 2017 Canadian Drilling Activity Forecast, announced its revision of the forecasted number of wells drilled (rig released) across Canada for 2017 to 6,680 wells. This represents an increase of 2,505 wells and a 60 per cent increase from PSAC’s original 2017 Drilling Activity Forecast released in early November 2016 of 4,175 wells rig released. PSAC based its updated 2017 forecast on average natural gas prices of $3.00 CDN/mcf (AECO), crude oil prices of US$52.50/barrel (WTI) and the Canada-US exchange rate averaging $0.74.

PSAC President and CEO Mark Salkeld said, “Never underestimate the tenacity or efficiency of the Canadian oilfield services sector. The drilling seasons of 2015 and 2016 were difficult, to say the very least, and the sector is still making adjustments to manage costs and meet growing expectations of their customers, but with some degree of confidence in $50 oil and the dramatic lowering of costs by the service sector, we are seeing increased activity levels.”

Salkeld added, “The producers are recognizing that the cost reductions delivered by the service sector over the last three years are not sustainable, especially now that there are indications of an uptick in industry. The leading edge innovation, safety and efficiencies for drilling and completing oil and gas wells in Canada come from modern certified equipment and highly trained workers which are difficult to deliver with razor thin margins. Rate increases for oilfield services are being realized slowly which will help this sector get back to work delivering the best in class services our customers, the producers, need and rely on.”

On a provincial basis for 2017, PSAC now estimates 3,320 wells to be drilled in Alberta, up from 1,900 wells in the original forecast. Approximately sixty per cent more wells are also expected to be drilled in British Columbia, with PSAC’s revised forecast now at 449 wells for the province up from 280 in the original forecast. The revised forecast for Saskatchewan now sits at 2,670 wells compared to 1,940 wells in the original forecast, and Manitoba is forecasted to see 221 wells or a jump of 171 in well count for 2017.

“Two pressures on our sector remain in that Canada desperately needs pipelines actually built to move oil to tidewater, and secondly, Canada needs LNG train approvals. We are among the best in the world at getting oil and gas out of the ground for domestic use across Canada and so it also makes sense to provide our responsibly-developed Canadian oil and gas to parts of the world that want and need oil and natural gas. The days of relying on one customer purchasing our oil and gas at a discount must end.  The sooner we expand our customer base the better off Canada and all of its citizens will be,” says Salkeld.

“The oilfield services sector has proven once again that they are resilient in tough times, because they have to be in order to compete and survive. We have seen some member companies fail, but we have seen others grow, consolidate and expand. There are certainly fewer oilfield service companies today than there were just few short years ago but those that remain are the leaders that will continue to succeed in this sector going forward.”

The Petroleum Services Association of Canada is the national trade association representing the service, supply and manufacturing sectors within the upstream petroleum industry. As the voice of the sector, PSAC advocates for its members to enable the continued innovation, technological advancement and in-the-field experience they supply to Canada’s energy explorers and producers, helping to increase efficiency, improve safety and protect the environment. PSAC member companies represent a significant portion of the business volume generated in the oil and gas services industry.

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Earlier: 

U.S. RIGS UP 10

TRANSCANADA'S CONSTRUCTION 

SHELL DIVESTS CANADA $7.25 BLN 

TRANSCANADA NET INCOME DOWN 48% 

CANADA'S OIL WILL UP 

 

 

 

 

 

Tags: CANADA, OIL, GAS, WELL, RIG

Chronicle:

CANADIAN WELLS UP TO 6,680
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

CANADIAN WELLS UP TO 6,680
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

CANADIAN WELLS UP TO 6,680
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

CANADIAN WELLS UP TO 6,680
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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