Oil and gas well drilling to pick up in 2024: forecast

An oil rig drills a well under moon light near Cremona, Alta., Sunday, Sept. 24, 2023. Canada has the third largest oil reserves in the world and is the world's fourth largest oil producer. THE CANADIAN PRESS/Jeff McIntosh

CALGARY — Canada's oil and gas well drilling sector says it expects modest growth in 2024.

The Canadian Association of Energy Contractors (CAOEC) says it expects 6,229 wells to be drilled in Western Canada next year.

That's an 8.3 per cent increase from the 5,748 wells drilled in 2023.

The industry group says most of this growth is expected to happen in the second half of 2024 as the market rebounds from what was a softer third quarter in 2023.

CAOEC says the drilling sector will need more than 39,000 workers this year.

It says finding experienced workers has been challenging and the industry is marketing itself to prospective workers across the country, including in Central and Eastern Canada.

This report by The Canadian Press was first published Nov. 24, 2023.