Revenue surge to sustain drilling in U.S. and Canada
Drilling activity in the US and Canada will remain strong in 1997 after increasing in 1996. Oil and Gas Journal figures indicate that rising oil and gas prices provided operators during 1996 with their highest wellhead revenues since 1985. This portends robust capital and exploration spending as long as operators follow through with plans revealed in recent weeks. Also encouraging operators to boost drilling programs are economically juicy plays in the Gulf of Mexico, Gulf Coast, and several other onshore areas. A group of major oil companies indicated plans to increase US exploratory drilling this year against a slight dip in total US drilling. And Canada is matching or exceeding forecasters` expectations, with no letup in view from its last few years` pace of 11,000--12,000 wells/year. The paper discusses US economics, year to year performance, activities of the major oil companies, and Canadian activities.
- OSTI ID:
- 423120
- Journal Information:
- Oil and Gas Journal, Vol. 95, Issue 4; Other Information: PBD: 27 Jan 1997
- Country of Publication:
- United States
- Language:
- English
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