Statoil Joins Shell And Other Foreign Companies In Exiting Canadian Projects

Since then, Sinoenergy has been one of Alberta’s most active operators, according to recent Rig Locator drilling market share data for Q4 2016. Only Canadian Natural Resources Ltd. (TSX:CNQ)(CNQ) and Cenovus Energy Inc. (TSX:CVE)(CVE) drilled more new operated wells in Q4 2016. U.S.-based Devon Energy Corp. (NYSE:DVN) also figured prominently in terms of wells drilled.

Rig Locator Chart Q4 2016 - 1.jpg

Source: JWN Rig Locator, Canadian Drilling Activity Market Analysis Q4 2016 Results. Download a sample of the report here.

Rig locator’s market share data also shows that Sinoenergy’s surge in new wells has greatly benefited contractor Bonanza Drilling Corp. In Q4 2016, the company nearly tripled its Western Canadian well count on Q4 2015 by drilling 85% of Sinoenergy’s wells in the period. In fact, behind Precision Drilling Corporation, Bonanza was Alberta’s second most active drilling contractor in Q4 2016, compared to 8th most active a year before.

 

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