Released on November 29, 2002
Saskatchewan has set another record for the number of natural gas wellsdrilled in the province.
To date, 1,725 natural gas wells have been drilled exceeding last year's
record of 1,409. This is the fourth consecutive year of natural gas
drilling records set in the province.
"We welcome increased drilling levels because the natural gas industry
makes a significant contribution to our economy by attracting investment,
creating jobs and generating revenue for the province," Industry and
Resources Minister Eldon Lautermilch said.
Favourable gas prices and a new gas development in the Shackleton area of
southwest Saskatchewan have contributed to this new record.
"The oil and gas industry is one of the largest contributors to the
Saskatchewan economy," Lautermilch said. "Last year, oil and natural gas
companies invested $1.4 billion in exploration and development, accounted
for 22,000 direct and indirect jobs and generated $684 million in revenues
for the province. These revenues help fund health, education and other
valuable social programs."
Of the 1,725 gas wells drilled to date, 1,515 were in the Swift Current
area, 127 in the Kindersley area, 81 in the Lloydminster area and two in
the Estevan area.
Recent royalty and tax changes for oil and gas will further encourage
exploration and development of Saskatchewan's resources. The changes
announced in October are expected to attract $4.3 billion in investment,
create 40,000 person years of new employment, and generate an additional
$650 million in gross revenue for the province over a 10-year period.
The final total number of wells drilled for 2002 will be known some time in
January 2003.
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For more information, contact:
Janet Peters
Industry and Resources
Regina
Phone: (306) 787-8277