Petroleum Services Association of Canada (PSAC)

The Petroleum Services Association of Canada (PSAC), in its third update to its 2019 Canadian Drilling Activity Forecast, announced that it is decreasing its forecasted number of wells to be drilled (rig released) across Canada for 2019 from 5,300 (May 2019 revision) to 5,100 wells drilled. PSAC based its updated 2019 Forecast on average natural gas prices of $1.60 CDN/Mcf (AECO), crude oil prices of US$57.00/barrel (WTI) and the Canada-US exchange rate averaging $0.76.

The Petroleum Services Association of Canada (PSAC) has announced that its "PSAC Working Energy Golf Classic", powering Canadian energy and education and raising funds for awareness and education, raised over $39,000 thanks to the generosity of energy industry companies, employees, their guests, and the numerous sponsors whose livelihoods depend on the health of the industry. The sold-out event took place July 24 at the Inglewood Golf & Curling Club. 

The Petroleum Services Association of Canada (PSAC) acknowledges the federal government's approval of the Trans Mountain Expansion Project (TMEP) but notes there are more hurdles for the government to cross before the pipeline will be built.

The Petroleum Services Association of Canada (PSAC) is expressing extreme disappointment with the decision by the Trudeau government to not accept the full slate of amendments for Bill C-69 proposed by the Senate following lengthy consultation with Canadians.

The Petroleum Services Association of Canada (PSAC), in its Midyear Update to the 2019 Canadian Oilfield Services Activity Forecast, lowered for a second time its Forecast for the number of wells drilled (rig released) in 2019 across Canada to 5,300 wells - a drop of 1,300 or twenty per cent (20%) from the original Forecast of 6,600 in November 2018.  PSAC has based its updated Forecast on an average natural gas price of C$1.65/mcf (AECO), crude oil price of US$57.00/barrel (WTI), and a U.S.-Canada exchange rate averaging $0.75.

The Petroleum Services Association of Canada (PSAC) has congratulated Premier-Elect Jason Kenney and the new United Conservative Party for their resounding victory in Alberta.  PSAC also applauds all of the candidates for their outstanding efforts during the campaign.

The Petroleum Services Association of Canada (PSAC) expressed its profound disappointment with the 2019 federal budget, which the organization states has no measures to address Canada's competitiveness issues to encourage private capital investment and stimulate job creation.

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.  

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.   

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.