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Active Drilling Rigs: 
Working Service Rigs: 

Forecast


The current CAOEC 2023/24 Drilling and Service Rig Forecast was released on November 24, 2023.

Download the 2023 State of the Industry Report and 2024 Forecast (November 2023)

2024 Service Rig Forecast

Q1

Working Rigs = 515
Workable Fleet = 600
Op Hours = 307,100
Avg Hours Per Working Rig = 596
Workable Rig Utilization = 79%

Q2

Working Rigs = 430
Workable Fleet = 600
Op Hours = 218,003
Avg Hours Per Working Rig = 507
​Workable Rig Utilization = 56%

Q3

Working Rigs = 480
Workable Fleet = 600
Op Hours = 275,076
Avg Hours Per Working Rig = 573
​Workable Rig Utilization = 70%

Q4

Working Rigs = 500
Workable Fleet = 600
Op Hours = 275,042
Avg Hours Per Working Rig = 550
​Workable Rig Utilization = 70%


Average 

Average Working Rigs = 481
Total Operating Hours = 1,075,220


2024 Drilling Rig Forecast

Total Wells (Western Canada): 6,229

Q1

Active Rigs = 210
Avg Fleet = 421
Op Days** = 18,930

Q2

Active Rigs = 115
Avg Fleet = 421
Op Days** = 10,408

Q3

Active Rigs = 187
Avg Fleet = 421
Op Days** = 17,180

Q4

Active Rigs = 205
Avg Fleet = 421
Op Days** = 18,881


Average 

Active Rigs = 179
Fleet = 421
Op Days** = 65,399
 


Assumptions

**Calculation based on spud to rig release
WTI = $88.00/bbl (USD)
AECO = $2.90/gj (CND)
10.5 days/well

Operating Days & Wells Completed

Time Period

Operating Days

Wells Drilled

2021 Actual

43.840

4,638

2022 Actual

58,833

5,723

2023 Actual + Forecast

60,353

5,748

2024 Forecast

65,399

6,229

2024 Forecast vs. 2023

5,046

481
 

Impact on Employment

Active Rigs

Direct Jobs

Indirect Jobs

Total Jobs

Jobs per Rig

20*

200*

220*

2021 Actual

119

2,385

23,850

26,235

2022 Actual

161

3,229

32,291

35,521

2023 Actual + Forecast

165

3,308

33,082

36,390

2024 Forecast

179

3,585

35,850

39,435

2024 Forecast vs. 2023

14

277

2,768

3,045
 
*Source CAOEC