The Canadian Association of Energy Contractors has raised its forecast for oil and natural gas
drilling this year as prices for the commodities remain elevated.
The association says it now expects 6,902 wells to be drilled in Canada this year, up 6.9% from
its original forecast last November of 6,457 new wells.
Oil and gas prices soared earlier this year after Russia invaded Ukraine and a ban on Russian
oil imports was implemented by U.S. President Joe Biden.
The revised drilling outlook projects operating days of 62,121 for the year, up from an original
forecast of 58,111, while the number of active rigs is expected to reach 170, up from 159 in the
previous estimate.
The forecast also suggests there will be more jobs in Canada’s oil and natural gas sector, with
up to 37,409 direct and indirect positions this year, compared with earlier estimates of 34,925
jobs.
However, the association said that labour shortages are expected to be a drag on Canada’s oil
and natural gas industry for the remainder of this year.
