Canadian oil and natural gas drilling will accelerate this year to double the sluggish pace inflicted in 2020 by the Covid-19 virus pandemic and resulting global economic slump, according to oilfield service (OFS) contractors.

The 2022 well count is expected to rebound to 6,902, up 48% from 5,648 in 2021 and 110% from the 2020 low of 3,293, the Canadian Association of Energy Contractors (CAOEC) said in a new report.

“War, supply chain challenges and surging inflation are waking up millions of people in Canada and around the world to the importance of stable, affordable and responsibly produced energy. Canada can meet those needs,” said President Mark Scholz.

The OFS activity forecast relies on projections that market prices will sustain annual averages of US$97.96/bbl for...