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Canada to Drill More Oil & Gas Wells in 2024: CAOEC

ENERGY

Canadian oil and gas producers are expected to drill 8.4% more wells in 2024 according to an annual forecast from Canadian Association of Energy Contractors.

  • Companies are forecast to drill 6,229 wells in 2024 an increase of 481 more wells compared to this year with most growth in the second half of the year.
  • “A continuation of capital discipline within energy producers will create a ceiling on potential growth, although this may be countered by the increase in new pipeline capacity with projects such as the Key Access Pipeline System (KAPS), Trans Mountain and Coastal GasLink pipelines, as well as the recent expansion of the Nova Gas Transmission Ltd. (NGTL) System.”

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