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There has been much study and prognostication on future supply as well as supply costs within major North American oil plays. Oil and gas development spending across most basins has been notably suppressed since early 2020, but with crude oil benchmark prices marching steadily upwards in 2021, it is not hard to believe that more vigorous capital spending could once again return. In this case study, we put the Lower Cretaceous Viking oil play under the microscope and take a closer look at the evolving picture of well productivity, technology, costs and economic competitiveness that have driven play economics over the past decade. Stretching from eastern Alberta (AB) into western Saskatchewan (SK), the Viking has evolved into a premiere Canadian light oil play. Like many North American tight/halo oil plays, the play experienced rapid growth in the early 2010’s, peaking in activity at around 1,500 wells per year in calendar 2014 (Figure 1). Drilling activity in 2020 dropped by approximately 60 percent year over year, with the lowest number of rig-released wells in the play since 2009. Figure 1: Viking Saskatchewan & Alberta – Activity Metrics Looking through the history of the development activity within the play, an interesting […]
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