Western Canada is expected to see 24 per cent less wells drilled in 2015 than what the Petroleum Services Association of Canada initially predicted back in October.
The forecast of more than 10,000 wells has dropped to 7,650 in the face of crude oil and natural gas prices, along with the suffering Canadian dollar.
PSAC President and CEO Mark Salkeld says companies are looking for ways to keep key personnel employed and optimize their operations while still cutting costs.
He says this isn’t something new for the energy industry, but it is difficult to predict just how long it will take for prices to recover.
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Here in Alberta, PSAC now estimates 4,187 wells being drilled this year, instead of the 5,740 that were initially predicted.