Canadian well permits bounce back

The Canadian upstream sector has fully rebounded from a summer slowdown, caused by record rainfalls, by obtaining permits in October to drill 3,293 wells — a record for any month since December 2003.

The approvals pushed the 10-month total to 23,905 wells, 8 percent ahead of last year’s record pace.

Gas-targeted wells are on track to exceed 21,000, surpassing last year’s record by 2,000, while oil permits total 5,190, 18 percent ahead of the same time last year and the highest in five years.

The breakdown of total permits includes 18,383 in Alberta, 3,784 in Saskatchewan, 1,366 in British Columbia, 273 in Manitoba, 12 in northern Canada and 87 for both offshore and onshore Eastern Canada.

Despite a decline of 405 permits, EnCana is the pacesetter among operators with 3,758 permits, followed by Apache Canada with 1,603, Canadian Natural Resources at 1,384 and EOG Resources at 1,073.

—Gary Park