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Drilling forecast suggests more optimism in oil and gas industry

A new forecast for the oil and gas industry is slightly more upbeat than it was three months ago, but warns the “lofty levels of activity” reported pre-recession “are likely a thing of the past.”

The Petroleum Services Association of Canada, in its latest outlook, said 7,200 wells are expected to be drilled across the country this year, up by nearly eight per cent from its April forecast.

There were signs of improvement in Alberta, where an extra 280 wells are expected to be drilled this year, up to 3,600, accounting for half of the forecast total.

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