The Canadian Association of Oilwell Drilling Contractors (CAODC) has updated its 2014 Drilling Activity Forecast. The industry's operating days for the second quarter will easily surpass 17,000. Operating days over the last seven years ranged from 8,411 at the low end (2009) to 16,369 on the high end (2011).
"This is the strongest second quarter we've seen in seven years," says CAODC president Mark Scholz. "Stronger gas prices have increased cash investment to the industry."
This stronger activity, as well as indications that shallow gas wells will figure slightly more prominently in 2014 than in 2013, compelled the association to also increase its 2014 well count projections. Last November, CAODC projected a well count of 10,604. The association now expects the well count for 2014 to be 11,494, a 6% increase.