PSAC Revises 2012 Drilling Forecast Downward While Precision & Ensign Foresee Reduced Activity

摘要

Citing uncertain natural gas prices, the Petroleum Services Association of Canada is now forecasting 12,500 wells (rig released) this year, a decrease of 3% from last year's total and down 650 wells from the April 2012 forecast. PSAC is basing its updated 2012 forecast on average gas prices of $2.50 (Cdn.) per thousand cubic feet (AECO) and crude oil prices of $90 (U.S.) a barrel (WTI). "Commodity prices on the natural gas side of things have had a big impact on activity levels so far this year. As well, activity has been impacted by key shifts in the global economy, including the European debt crisis and the decline in demand coming from Asia," says PSAC President Mark Salkeld.