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25% Increase of Oil and Gas Drilling Expected for 2022

The industry expects 6,457 new wells to be drilled in 2022.

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There will be a rise in the number of wells drilled in Canada in 2022 according to a report from an oil industry group.

The Canadian Association of Energy Contractors estimates that 6,457 wells will be drilled in 2022, an increase of 1,363 or more than 25% from the number of wells drilled in 2021.

“After the historic lows we endured last year, 2021 served as a beacon of hope for our sector,” said CAOEC president and CEO Mark A. Scholz in a release.

“The industry’s labour challenges will continue, but we are confident in the long-term as the world demands our resources.”

As global COVID-19 restrictions are eased and energy consumption returns to pre-pandemic levels, activity in the oilpatch is increasing.

Prices for natural gas and oil are at their highest level since 2014.

As a result of these labour shortages, the industry group claims that the sector’s ability to meet demand is being affected.

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Written by Olivia Woods

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