Following more than a year of cost cutting and spending reductions, early 2017 guidance in the Canadian oil and gas sector suggests that we will see a rebound in activity over the next twelve months.
A far more stable oil price, as well as the past 18-months of adapting to a lower-for-longer pricing environment has increased confidence among Canada's oil and gas companies, and more robust drilling and completion plans have proliferated as a result.
Guidance data compiled by CanOils shows that 68% of the companies that have reported a 2017 capital spending guidance figure so far this winter are planning for an increase in spending over the next twelve months compared to last year. The data is accessible here.
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