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Drilling association forecasting 2016 to be worst year in a generation

The association that represents Canada’s drilling and service rig industry is forecasting that 2016 will be the worst year for oil and gas activity in western Canada in a generation.

When comparing numbers forecast for next year to drilling activity in 2014, the Canadian Association of Oilwell Drilling Contractors is expecting to see a drop of 58 per cent from 11,226 wells to just 4728. The association is also predicting that more than 28,000 jobs will be lost, a 57 per cent decrease in employment from 2014 levels.

CAODC President Mark Scholz says these numbers emphasize the depth of the current downturn in the oil and gas industry. He says expects 2016 will be the worst year for drilling activity in western Canada since 1983.

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