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The 2015 winter drilling season is over, and it’s been a bad one across the board for western Canadian service companies.
Crude-by-rail has emerged as a critical piece of the energy transportation landscape in North America, enabling meaningful growth in market access despite pipeline projects being stalled in the regulatory process. But the benefits of the opportunity don’t have to end with producers and rail operators: an Alberta government official sees a possible opportunity for market diversification for oilsands manufacturers, too.
In late January, western Canada’s oil and gas industry began to weigh the carnage caused by the collapse of oil prices and an equally troubling decline in gas prices.
Domestic crude oil received by Canadian refineries increased 10 per cent in the first 11 months of 2014 compared to 2013, while imported crude oil fell 15 per cent.
In the first three months of 2015, the highest weekly activity rate for drilling rigs occurred during the second week of January, when 57 per cent of the fleet was active. Only 16 per cent of the drilling fleet was working this past week.
Oilsands producers are now slowing new project development as they wait out low pricing, but in 2014, the industry saw the largest number of individual project start-ups in its history. Oilsands project start-ups and production gains follow up to three years behind corporate sanction.
Editors’ Blogs
Current Rig Activity
AB 62 466 528
SK 6 124 130
BC 37 44 81
MB 0 15 15
QC 0 1 1
Canada 105 650 755
Oil & Gas Prices
USD 48.68 / BBL
NYMEX Natural Gas
USD 2.64 / MMBTU
AECO/NGX Spot Price
CAD 2.53 / GJ
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