March 23, 2021
Each week, XI Technologies scans their unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here.
Twice a year, XI Technologies reaches into the public data stored in its applications to provide a snapshot of Western Canadian drilling activity. 2020 was obviously a difficult year for drilling given the effects of a global pandemic and the international price wars that started the year.
However, as the year progressed, we began to see an increase in activity as prices started to recover and operators found ways to develop assets in these conditions. So while this year’s overall numbers may be down in comparison to past years, you can also see a good deal of movement in lists in comparison to the same statistics published by XI at the halfway mark in September. To see how these lists compare to all of 2019, you can read our blog from last year by clicking here.
More important than the number of wells drilled, is how many of them came on to production. Crescent Point and Teine Energy hold the top two spots on this chart for the year. Arrows indicate how they compare to their ranking in 2019. Peyto Exploration and Spur Petroleum are new to the top 10 in 2020 in comparison to 2019.
Achieving a high initial production rate can have a significant impact on the overall ROI for a well or drilling program.
In the graphic below we’ve looked at IP 90 rates for new gas wells and oil wells drilled in 2020. Congratulations to Strathcona Resources and Storm Resources for topping the list this year.
Which operators achieved the best rates from their top performing oil wells drilled during the same time frame? So far, Insignia Energy and Seven Generations Energy top the field.
Which operators achieved the greatest gas production (in mmcf) from wells drilled in the WCSB in 2020? Tourmaline stays in the top position it held throughout 2019, with Ovintiv Energy in second and Peyto Energy in third.
Which operators added the highest cumulative total oil production (in mbbl) from wells drilled in the WCSB in 2020? Crescent Point is once again at the top of the list, as it was last year. They’re followed by Whitecap Resources, Teine Energy, and Cenovus Energy.
Congratulations to all our WCSB operators and producers. The last few years have been challenging and difficult for all of us, but the Canadian energy industry continues to exhibit a commitment to innovative, responsible production that rivals that of any producing nation.