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FORT ST. JOHN, B.C. – The Petroleum Services Association of Canada has announced its third updated forecast for drilling in Canada.

They are increasing the number of 6,680 wells to be drilled across Canada for 2017 to 7,200 wells drilled.

“One of the events that played out that was not well understood at the time of the original forecast was the relatively quick impact of the transfer of investment out of the oilsands into the conventional sector and, more specifically, towards liquid rich natural gas and light tight oil which ultimately provide a faster return on investment dollars than the longer-term investment oilsands projects. This investment shift played an important role in taking a rig count from what we thought would be closer to 200 active rigs to well over 300 in Q1-2017,” said PSAC President and CEO Mark Salkeld.

In B.C., it is expected that 580 wells will be drilled up from the original estimate of just 300.

In Alberta, they are expecting 3,604 wells to be drilled in Alberta, up from 1,900 wells in the original forecast.

The new forecast for Saskatchewan now sits at 2,794 wells compared to 1,940 wells in the original forecast, and Manitoba is forecasted to see 206 wells or a jump of 156 in well count for 2017.

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