Yet another sign of hard times for our already-wounded petrroleum sector.
The Canadian Association of Oilwell Drilling Contractors released a grim forecast for the upcoming year that projects the downturn will only get worse for the sector.
The organization projects 4,728 wells to be drilled, a decrease of 58% from the 11,226 wells drilled in 2014.
The rig count in western Canada is expected to plunge to the same level seen in 1983, one of the worst periods in the industry's history.
The organization is lobbying the provincial and federal government to keep taxes and other costs low for the industry.
The industry has struggled ever since oil prices collapsed in the summer of 2014 as North American prices dropped from more than $100 U.S. a barrel to about $41 U.S. a barrel today.
The Canadian oil industry has lost around 36,000 jobs since the price collapse.
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