PSAC President and CEO Gary Mar said, “Compared to last year, the total number of wells expected to be drilled is lower by 31%. These are levels not seen since the lows of 2015 and 2016 at the onset of the downturn.

PSAC President and CEO Gary Mar said, “Compared to last year, the total number of wells expected to be drilled is lower by 31%. These are levels not seen since the lows of 2015 and 2016 at the onset of the downturn.

PSAC Forecast update confirms low investor confidence in Canada

Today, the Petroleum Services Association of Canada (PSAC), in its third update to its 2019 Canadian Drilling Activity Forecast, announced that it is decreasing its forecasted number of wells to be drilled (rig released) across Canada for 2019 from 5,300 (May 2019 revision) to 5,100 wells drilled. P