The Canadian oil and natural gas well count – chiefly in Alberta, British Columbia and Saskatchewan – will rise to 6,229 in 2024 from 5,748 this year, according to an annual fall forecast by the Canadian Association of Energy Contractors (CAOEC).

“A continuation of capital discipline within energy producers will create a ceiling on potential growth,” CAOEC analysts said. But they added that improved service would encourage increased production.

“This [ceiling] may be countered by the increase in new pipeline capacity with projects such as the Key Access Pipeline System, Trans Mountain and Coastal GasLink pipelines, as well as the recent expansion of Nova Gas Transmission Ltd.,” the CAOEC said.

[Webinar Replay: Understand how burgeoning global demand is affecting...