“Oil and Gas Drilling Predicted to Reach 10-Year High in Canada by 2025”
Authored by our team and sourced from The Canadian Press, this article was published on November 29, 2024.
The Canadian Association of Energy Contractors (CAEC), an industry body representing drilling and servicing rig firms, forecasts that 2025 will witness the highest level of oil and gas well drilling activity in Canada in a decade. The CAEC anticipates a total of 6,604 wells to be drilled in Western Canada in 2025 — a 7.3% increase from 2024.
This surge in drilling activity is expected to boost employment in the sector by 7%, rising to 41,800 jobs. This growth is attributed to the recent completion of the Trans Mountain pipeline expansion, which has bolstered the export capacity of oil companies.
The CAEC also expects an increase in natural gas drilling due to the projected launch of LNG Canada, the country’s premier major liquefied natural gas export facility, in 2025.
However, with the new Trump administration aiming to expand the US oil and gas industry, the association emphasizes the necessity for Canada to maintain its competitiveness in the energy sector.
This article is an insightful read for those interested in the energy industry’s trajectory or potential investors. However, it is worth noting that the primary purpose of this article is to provide updates and predictions about Canada’s oil and gas drilling sector.
©2024 The Canadian Press
