Vancouver-Canada expects to tumble from its current five-year oil and natural gas drilling high, dragged down by its lowest gas prices in 10 years and a projected shortage of skilled workers, industry leaders and analysts said January 30. The Petroleum Services Association of Canada led the forecast downturn by lower- ing its 2012 drilling target by 11% or 1,700 wells to 13,350 wells from 15,050 wells in November, while FirstEnergy Capital analyst Martin King said high levels of gas in storage will result in well shut-ins and reduced capital budgets in Canada.
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