Canadian drilling rigs go back to work

Aug 12, 1999 02:00 AM

More than half of Western Canada's drilling rigs have resumed operations as an infusion of cash from sustained high prices for crude oil and natural gas has given a kick start to this sector of the oilpatch.
The number of rigs in the field increased by 38 to 307 and now the main concern is the recruitment of a skilled work force later in the year. Precision, Canada's largest drilling company, announced that 96 of its 213 rigs are now active compared with 70. The industry estimates each rig employs 25 people immediately and a further 50 in associated industries.
Dale Tremblay, CFO at Precision Drilling Ltd, said, "The big problem is crews. We've opened our training centre again. We are not short of crews yet, but it will come in the fall." Reports indicate that Canadian service companies cut employment by 40 % from peak levels in 1997.
An oilfield services analyst said this has become a major concern for the industry. "The people side of things will become a concern as things ramp up quickly in the fourth quarter. Getting trained crew will be the limiting factor," he said.

Source: IINX via Iinoil
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