Oil & Gas Product News Logo

Canadian Association of Oilwell Drilling Contractors ( CAODC )

Address 2050, 717 - 7 Avenue SW, Calgary, AB, T2P 0Z3, CA
Phone 403-264-4311
Fax 403-263-3796
Website caodc.ca
Follow Us

Related Articles (13)

"Dysfunctional" oil and gas industry brings challenges for drillers: CAODC forecast

Despite a recovery in the price of oil, and LNG Canada's positive announcement early in Q4 that it would be building its LNG export facility, drilling activity in 2018 remained flat year-over-year. Once again the politicization of oil and gas infrastructure in Canada, along with increased taxation and regulatory requirements, resulted in significant delays and additional costs for Canadian producers, and sustained price differentials for Canadian crude blends. 

CAODC revises 2017 drilling forecast upwards

The Canadian Association of Oilwell Drilling Contractors (CAODC) has announced its revised 2017 Drilling Forecast. The organization forecasts the following:

  • Projected 2017 wells drilled: 6,842 — an increase of 2,177 from original forecast
  • Projected 2017 operating days: 71,839 — an increase of 22,859 from original forecast
  • Projected rig count in for Year End 2017: 635 — a decrease of 30 rigs 

Drilling forecast remains bleak for near future, according to CAODC

In its latest drilling activity update, CAODC draws attention to the difficult challenges facing the oil and gas industry. CAODC President, Mark Scholz, emphasizes the depth of the current downturn, “The oil and gas services industry is facing the most difficult economic time in a generation. In fact, 2016 will be the worst year in our recorded drilling activity history (1977).”

Subscribe to our free newsletter

Get our newsletter

Learn more

Drillers and Suppliers Face Challenges with Lower Oil Prices

These are challenging times for the North American oil and gas sector. Since June, the international and North American benchmarks for crude oil have fallen dramatically, with WTI slipping under $50 during the first week of January for the first time since the financial crisis of 2009 and Brent crude plumbing a five-and-ahalf- year low. Natural gas has followed oil on a downward slope.