CAODC commends Federal Government for $1.7 billion investment in well reclamation.

For Immediate Release: April 17, 2020

CAODC commends Federal Government for $1.7 billion investment in well reclamation.

The Canadian Association of Oilwell Drilling Contractors is pleased with the Federal Government’s $1.7 billion commitment to the reclamation of abandoned wells at a time when workers in the oil and gas industry are struggling.

An investment like this will put well-servicing companies back to work for an extended period, and will also employ many of the ancillary services related to well abandonment such as excavation and transportation companies. Additionally, steady service rig activity in communities in western Canada means local businesses will also see a much-needed increase in revenues.

“This announcement is great news for service rig companies, and means many of our members can count on steady work this year,” says CAODC President & CEO Mark A. Scholz.

While today’s announcement is encouraging, CAODC looks forward to working with the Federal Government in the coming weeks to develop additional measures of support for Canada’s oil and gas service industry.

“We appreciate the Federal Government being receptive to our concerns during this crisis,” notes Scholz. “We anticipate additional announcements of liquidity support for our members. Our sector can play a significant role in reopening the Canadian economy and producing jobs and opportunity.”