Another four months of low prices have led to a significant decline in drilling across the country. The Petroleum Services Association of Canada is predicting a further 30 per cent drop in activity in 2015, a 47 per cent drop from the original forecast last October.
Alberta is hard hit by the decline, with projected numbers down from more than 5,700 wells to just under 3,000.
PSAC President and CEO Mark Salkeld says he’s not surprised the oil price drop has affected drilling activity, but he beleives innovative companies will be ready to go when prices rebound.