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The year 2021 started with a bad omen. A reported 30 minute conversation between US President Joe Biden and Canadian PM Justin Trudeau resulted in the issuance of a statement by the White House indicating acknowledgment of Canadian PM’s disappointment on the US President’s decision to rescind the permit for Keystone XL pipeline. The statement included a futuristic commitment from US President to maintain an active bilateral dialogue regarding (energy) co-operation with Canada. Over the course of 2020, the worst year in a decade for oil and gas drilling activities in South Western Canada, only 2,336 well licenses granted, down 59% from 5,716 well licenses in 2019. Province-wise, 1,228 well licenses were granted in Alberta, 900 well licenses in Saskatchewan, 148 well licenses in British Columbia and 60 well licenses in Manitoba. Alberta topped the list with 364 wells spud in 2020. The Viking formation that extends over practically the entire Western Canada Sedimentary Basin stood second with 357 spud wells. The total number of wells spud was 2,327 out of which 844 flowed oil, 254 flowed gas while 1,229 went dry. Year-wise Comparison of Drilling Licenses Granted in WCSB for Last 10 Years. Source: WTI prices remained steady […]
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