Well drilling to increase in B.C., Canada says PSAC first quarter update

The updated forecast for PSAC for 2014 is based on an average natural gas price of $3.50/mcf, crude oil prices at $95 U.S. per barrel and the Canada-U.S. exchange rate sitting at an average of $0.95.

Canada as a whole is expected to see an increase in the number of wells being built. That figure is now pegged at 10,930 wells, an increase of 130 wells, or 1.2 per cent.

Provincially wells are expected to increase in Alberta by 1.3 per cent from the original forecast. 87 more wells are expected for a total of 6,642.

Saskatchewan will also see their numbers climb by 1 per cent with an added 33 wells expected. 3,229 new wells are anticipated in the province in 2014.

Manitoba’s figures remain constant at 480 wells.

The mid-year update from PSAC is expected to come on April 30 in Calgary and will be done in conjunction with its second annual Canada’s Energy Blueprint Summit.