Drilling forecast calls for 14% rebound in 2021 from depths of 2020 activity

The Canadian Association of Oilwell Drilling Contractors says it expects 3,771 wells to be drilled next year, up 475 from the projected total of 3,296 in 2020.

The forecast is more optimistic than one made three weeks ago by the Petroleum Services Association of Canada calling for a total of 2,600 wells next year, down 8.8 per cent from an expected 50-year low total of 2,850 wells in the current year. The two organizations use different methods to count wells.The CAODC forecasts that the Canadian drilling fleet will shrink by 27 rigs in 2021 to 478 after remaining relatively stable in 2020.

CEO Mark Scholz says the industry’s short-term challenges are expected to continue in 2021 thanks to lower world oil demand because of the

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