Released on December 16, 2003
Saskatchewan has set an all-time record for oil and gas well drilling.As of December 15, a total of 4,075 oil and gas wells were drilled this year in the province, surpassing the previous calendar year record of 3,935 wells set in 1997. This is a 19 per cent increase over the same time period last year.
"Record breaking drilling numbers demonstrate the oil and gas industry's confidence in investing and doing business in Saskatchewan," Industry and Resources Minister Eric Cline said. "Strong oil and gas prices and positive response to last year's royalty and tax changes helped lead to these robust drilling levels."
Cline said the government is committed to maintaining an attractive business climate ready to capture the growth potential of Saskatchewan's thriving energy sector.
"Last week's Crown petroleum and natural gas land sale, which resulted in the second-highest year ever for land sales, is an indication that brisk oil and gas well drilling will continue in 2004," Cline said.
The oil and gas industry is the largest component of the provincial economy, representing eight per cent of the GDP and generating 22,000 direct and indirect jobs in the province. Oil and gas revenues for the current fiscal year are projected to be almost $892 million.
A final total number of oil and gas wells drilled for 2003 will be available in early January.
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For More Information, Contact:
| Bob Ellis Industry and Resources Regina Phone: (306) 787-8277 |