The Petroleum Services Association of Canada is forecasting a major increase in oil and gas activity for Saskatchewan.
The recent PSAC drilling activity forecast includes an increase in the estimated number of wells drilled to a new total of 2,670 wells, which is up from 1,940 wells in the original forecast.
Minister of Energy and Resources Dustin Duncan said, despite it only being a prediction, the government remains optimistic — considering the upturn at the start of 2017.
“Certainly the first three months of this year look much better than the first three months of last year,” Duncan told 620 CKRM News. “We’re at nearly 900 wells that were drilled in the first three months of this year — compared to under 400 that were drilled last year, so we are tracking in the right direction.”
Duncan added, if the predictions prove true, more than 1000 new wells will be drilled in Saskatchewan.
However, he said there are factors out of their control that will have a lot to say when it comes to 2017, such as the price of oil and how it fluctuates.
Across the country, PSAC is anticipating an estimated 6,680 wells will be drilled in 2017 — a 60 per cent increase from the original 2017 drilling activity forecast released in early November 2016.