Survey of the oil and gas contract drilling industry in Canada in 1997

Aug 09, 1999 02:00 AM

Responding to higher crude oil and natural gas prices and increasing exports to the United States (spurred by the lower Canadian dollar, Canada's oil and gas contract drilling industry reported significant increases in activity and revenue in 1997.
The industry reported total earnings of $ 2.6 bn, up 63 % from 1996 revenues. Alberta drilling activity accounted for 58 % ($ 1.5 bn) of total revenues earned in Canada.
Saskatchewan's share of total operating revenues increased to 28 % in 1997 compared with 17 % in 1996.

Operating expenditures for the industry in 1997 totalled $ 2.1 bn, up 61 % from 1996. Wages and salaries totalling $ 951 mm were the largest single expense item, accounting for 44 % of total operating expenditures.
Salaries paid to Alberta contract drilling employees accounted for one-quarter of total industry expenditures in Canada. Saskatchewan's increase in 1997 revenues was also reflected in the significant increase in salaries and wages ($ 270 mm) paid to contract drilling employees in the province.
Industry members spent $ 305 mm on capital expenditures in 1997, a 30 % increase from the 1996 total of $ 235 mm. Virtually all capital expenditures (99 %) were directed towards machinery and equipment.

The number of full-time employees in the contract drilling industry increased by almost 50 % in 1997 to 24,191 persons. There was a 41 % increase in the number of employees working in Alberta (13,088 persons) and 54 % of all employees work in the province.
The contract drilling industry in Saskatchewan employed over four times the number of full-time employees in 1997 (7,823), compared with 1,884 in 1996. Of the 24,191 industry employees in Canada in 1997, 95 % worked in the operations end of the industry.

Source: Newspage
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