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Oil, gas and drilling up 60% from last year
EDMONTON — Improvements this year in oil and gas drilling activity should carry over into 2011, the Canadian Association of Oilwell Drilling Contractors (CAODC) said Tuesday.
The first three-quarters of 2010 saw a 60-per-cent improvement over 2009, but were still 14 per cent below the same months of 2008, and significantly under the 2006 mark.
There were 83,359 operating days for the period this year, up from 51,993 in 2009.
Rig utilization in the first nine months of 2010 averaged 38 per cent, compared with 23 per cent in 2009 and 40 per cent in 2008.
CAODC said its forecast for the fourth quarter of this year hasn`t changed from the update issued on May 28. The association expects an average of 400 rigs to run in October through December for a utilization rate of 50 per cent.
Read the full article here.
EDMONTON — Improvements this year in oil and gas drilling activity should carry over into 2011, the Canadian Association of Oilwell Drilling Contractors (CAODC) said Tuesday.
The first three-quarters of 2010 saw a 60-per-cent improvement over 2009, but were still 14 per cent below the same months of 2008, and significantly under the 2006 mark.
There were 83,359 operating days for the period this year, up from 51,993 in 2009.
Rig utilization in the first nine months of 2010 averaged 38 per cent, compared with 23 per cent in 2009 and 40 per cent in 2008.
CAODC said its forecast for the fourth quarter of this year hasn`t changed from the update issued on May 28. The association expects an average of 400 rigs to run in October through December for a utilization rate of 50 per cent.
Read the full article here.