CATEGORIZED | News

CAODC 2010 sees smaller Canadian fleet in 2010

Posted on 29 October 2009

 The Canadian Association of Oilwell Drilling Contractors anticipates a continued decline in the size of the Canadian fleet in 2010, due to equipment moving internationally and retiring. CAODC forecasts an average 800-rig fleet, down from 862 in the first Quarter 2009 and 840 in the fourth. The fleet peaked in December 2007 at 902 rigs.

On the other hand, average active rig count is expected to increase a bit, to 218 in 2010, a 4% change, up from 209 in 2009. Further, drilling days will increase bay about 4,000 to 78,480. Most of the increase, CAODC says, will be in the third quarter, with further slight pick up in the fourth quarter.

Only 40% of the fleet will be employed during the winter drilling season in the first quarter. An overall 27% utilization is expected next year.

“This will be the third year of sub-economic conditions, and at 27% is very close to the previous all-time low observed in 1992,” CAODC says.

The forecast assumes $5.50/Mcf gas and $70 oil. Activity levels are expected to be strongest in British Columbia and Saskatchewan.

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 22 July 2014

    Petrobras’ domestic oil production averages 2.8 million bbl/day in June

    Petrobras’ June oil production in Brazil averaged 2.8 million bbl/day (bpd), a 1.7% increase from May’s production of 1.9 million bpd. In addition, the production operated...

  • 22 July 2014

    Precision, Schlumberger partner to boost industrialization of North American unconventional drilling

    Precision Drilling has entered into a strategic technology and service agreement and marketing alliance with Schlumberger. Utilizing Precision’s Tier 1 drilling rigs and...

  • 22 July 2014

    Easternwell to manage delivery of onshore servicing rig for Brunei

    Australia’s Easternwell, a subsidiary of Transfield Services, has expanded internationally through an agreement with Flux O.S. SDN BHD (Flux), a Bruneian oil and gas company...

  • 21 July 2014

    BOEM lease sale to offer 21 million acres in Gulf of Mexico for oil, gas development

    The US Bureau of Ocean Energy Management (BOEM) Acting Director Walter Cruickshank will offer more than 21 million acres offshore Texas for oil and gas exploration and development...

  • 21 July 2014

    Large-diameter Ball Type Safety Valves delivered for MWCC containment system

    TIW Corp has completed and delivered two large-diameter Ball Type Safety Valves to Marine Well Containment Company (MWCC) for use with its expanded containment system. The class...

  • Read more news