Petroleum Services Association of Canada (PSAC)

In its first update to the 2019 Canadian Drilling Activity Forecast, the Petroleum Services Association of Canada (PSAC) has revised the number of wells drilled (rig released) across Canada for 2019 to 5,600 wells. This represents a decrease of 1,000 wells, or 15 percent, from PSAC's original 2019 drilling Forecast released in November 2018 and reflects the deteriorating investor confidence in Canada.  

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The Petroleum Services Association of Canada (PSAC) proudly held its 25th annual STARS & SPURS Gala bringing the total funds raised, since its inception, to over $17 million for the Shock Trauma Air Rescue Society (STARS). This is the longest-running and largest fundraiser in Alberta. This year's gala raised an amazing $1,400,055.   

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The Petroleum Services Association of Canada (PSAC) travelled to Ottawa last week to deliver a message to parliamentarians of the crisis occurring in Canada's oil and natural gas industry and the need for a Canadian energy brand that includes oil and natural gas.

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The Petroleum Services Association of Canada (PSAC) has released its 2019 Canadian Drilling Activity Forecast. PSAC expects a total of 6,600 wells (rig releases) to be drilled in Canada in 2019. For 2018, the Association's final revised forecast predicts a yearly total of 6,980 wells.

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Following an extensive search process with Optimum Talent, the Board of Directors is pleased to announce that Mr. Gary G. Mar will become the new President and CEO of the Petroleum Services Association of Canada (PSAC) on December 1, 2018. 

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The Petroleum Services Association of Canada (PSAC) announced the addition of a new scholarship to the Association's annual Scholarship Program. The "Remember Jordan" scholarship, created in memory of Jordan Roppel, aims to remind workers of the dangers of shock load vehicle recovery while supporting Canadian post-secondary education. More details about Vehicle Recovery Safety can be found on the Energy Safety Canada's website.

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Canadian drilling contractors are likely to continue their busy streak as 2017 wanes and 2018 begins, according to one industry association's forecast for the coming year.

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The Petroleum Services Association of Canada (PSAC), in its third update to its 2017 Canadian Drilling Activity Forecast, announced that it was increasing its forecasted number of 6,680 wells to be drilled (rig released) across Canada for 2017 to 7,200 wells drilled. PSAC based its updated 2017 Forecast on average natural gas prices of $2.75 CDN/mcf (AECO), crude oil prices of US$49.00/barrel (WTI) and the Canada-US exchange rate averaging $0.77.

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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.

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The Petroleum Services Association of Canada (PSAC) was pleased to hear the federal government will provide a one-time payment of $30 million to the Government of Alberta to “support provincial actions that will stimulate economic activity and employment in Alberta’s resource sector.” PSAC has been advocating for loans to decommission orphan wells, pipelines and facilities to get workers in this sector back to work following tens of thousands of layoffs, while improving environmental outcomes, reducing carbon emissions, and strengthening Canada’s reputation as responsible stewards of the environment.

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