PSAC lowers outlook for Canadian drilling by 15%

Deteriorating investor confidence “weighs heavily” on the drilling industry in Canada, according to the Petroleum Services Association of Canada (PSAC). In the first update of its 2019 drilling forecast, the trade group lowered its forecast for wells drilled, which it measures as rigs released, to 5,600 from 6,600 in the November 2018 revision—a 15% decline.


Source: News