NEWS: Oil well drilling set to rise more than 25% in 2022, industry group says

Associated Press

Associate Press copy is provided via The Canadian Press

CALGARY — An oil industry group says it expects the number of wells drilled in Canada to increase in 2022.

The Canadian Association of Energy Contractors says it is projecting 6,457 wells for 2022, an increase of 1,363, or more than 25 per cent, from 2021.

Activity in the oilpatch is picking up as COVID-19 restrictions ease globally and energy consumption returns to pre-pandemic levels.

Natural gas and oil pricing is higher than it has been since 2014.

However, the industry group says many drilling companies are facing labour shortages that are hampering the sector’s ability to meet growing demand.

This report by The Canadian Press was first published Nov. 23, 2021.

The Canadian Press

News from © The Canadian Press, 2021. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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