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CBM drilling to double in 2005
Gary Park
The scramble to develop coalbed methane will propel Canadian drilling to even higher levels in 2005, says a new report by Calgary-based investment dealer Peters & Co.
Analyst Miles Lich said the number of wells targeting coalbed methane will likely double next year to 3,000, pushing the total oil and gas well count to 24,500 from an expected 23,300 in 2004.
The surge of coalbed methane activity is being led by major producers such as EnCana, Nexen and Apache, backed by a host of juniors, all eager to tap into Alberta’s estimated reserves of 550 trillion cubic feet.
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