Canada to see less oil and gas wells as fracing increases
BY REBECCA PENTY
CALGARY (Bloomberg) -- Oil and natural gas wells in Canada are expected to fall 1.5 % in 2014 as increased use of hydraulic fracturing and horizontal drilling reduces the number of wells producers require.
Canadian drilling next year will total 10,800 wells versus the 10,960 expected this year, the Petroleum Services Association of Canada said in an e-mail.
“Large-scale use of these kinds of technologies is creating a trend to fewer wells overall,” Mark Salkeld, CEO of the Calgary-based industry group, said in the statement.
The association, which represents about 260 oilfield- service companies, forecasts gas prices will average $3 per thousand cu ft next year and oil will cost about $95 a barrel.