Drilling forecasts adjusted

Posted Apr 25, 2012 3:53 pm.

This article is more than 5 years old.

Ten year lows for natural gas have forced the Petroleum Services Association of Canada to revise its 2012 drilling forecast for Western Canada.

It’s also adjusting its estimates on the value of gas and oil for the year.

PSAC is estimating 13,150 wells being drilled this year, down 200 from original forecasts, but still 300 more than in 2011.

Their price forecast for oil jumped from $85 US per barrel, to $100.

While the price for natural gas is now expected to hover around $1.90 per 1,000 cu. ft.; down from original estimates of $3.50.

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