More operators, despite weakened prices

Gary Park

The ranks of Canadian oil and gas operators keep swelling, despite the unease in the gas drilling sector.

For the first half of 2006, 19,672 wells were completed by 501 operators, up about one-fifth from last year.

But the front-runners were unchanged. EnCana posted 1,620 wells, down 476 from a year earlier. Canadian Natural Resources finished 776 wells and Husky Energy logged 549 wells.

EnCana recorded a total depth of 6.23 million feet, trailed by Canadian Natural at 3.1 million feet and Burlington Resources Canada (before it was taken over by ConocoPhillips) at 2.2 million feet, while ConocoPhillips tallied 595,000 feet.

EnCana led exploration drilling at 1.34 million feet, trailed by coalbed methane producer Trident Exploration at 985,000 feet.

Those who beat last year’s count included Canadian Natural, Apache Canada, Compton Petroleum and Tundra Oil & Gas. Significant among those posting declines were EnCana, EOG Resources, Husky, Petro-Canada and Penn West Energy Trust.