Saskatchewan Will See an Increase in Wells Drilled in 2010

Saskatchewan will see 2,580 wells drill this year, a 47 per cent increase over the 1,750 wells drilled in 2009, according to the latest drilling forecast released by the Petroleum Services Association of Canada (PSAC).

According to PSAC president Roger Soucy, this is the best drilling outlook in the past two years.

Of the 2,580 wells to be drilled in Saskatchewan this year, 2,275 of those are expected to be oil wells, 177 gas wells and 128 ‘other.'

Other oil-rich areas of Saskatchewan are now benefiting from the technological breakthroughs that helped fuel the Bakken oil play.

PSAC forecasts an overall increase in Canadian drilling activity levels.

According to the revised PSAC forecast, 11,250 wells will be drilled across the country, representing an increase of 35 per cent in total wells drilled as compared to the final tally of 8,350 wells for 2009.

A couple of main factors can be attributed to the forecasted increase in drilling activity: the increase in the price of oil and the boost in economic activity after the global recession.

For more information, please visit: http://www.psac.ca/images/mediacentre/20100429.pdf