The imminent startup of Canada’s Trans Mountain oil pipeline, with LNG Canada set to ramp late this year, should provide “significant tidewater access” to boost near-term activity, according to the CEO of Calgary-based Precision Drilling Corp. 

CEO Kevin Neveu laid out the near-term forecast for the international contract drilling expert during the recent quarterly conference call. 

“In Canada, we currently have 48 rigs operating, 10 more rigs than a year ago, and expect this trend to continue throughout spring break-up,” he said.

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Precision’s active Canadian rig count was 73 in the first quarter, compared with 69 in 1Q2023....