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Oil industry ‘cautiously optimistic’ about prospects in 2013

CAODC expects about 40% of the group's 830 rigs will be active in 2013.


RED DEER, Alta.—The Canadian Association of Oilwell Drilling Contractors (CAODC) is cautiously optimistic about the industry’s prospects in 2013.

That’s according to CAODC’s CEO Mark Scholz (SHAWLTZ).

He says about 44% of the group’s 830 rigs were active in 2012, and this year it’s looking like about 40% by the end of this year.

Scholz also says it’s been difficult to raise money to invest in oil and gas wells, which results in less capital available for new wells.

He also says a lack of pipeline infrastructure to access international markets and continuing labour shortage will also affect how drillers do this year.

©The Canadian Press