Saskatchewan’s oil industry is slowly showing signs of bouncing back.
Numbers released last week from the provincial government show 2017 oil drilling activity — during the first three months of the year — were more than double the figures of 2016.
Energy and Resources Minister Dustin Duncan says things are starting to look up.
“Prices are really starting to stabilize in the 50-dollar range,” said Duncan. “Companies have had to make concessions in terms of reducing their costs and getting lower prices from their suppliers. I think it’s a sign that companies are in a better position now – in 2017 – than in the first qurter of 2016.”
From January to the end of March, 8-hundred-56 wells were drilled in Saskatchewan — that’s compared to 3-hundred-99 wells drilled during the same period in 2016.