CALGARY — According to the Canadian Association of Energy Contractors (CAOEC), Canada's oil and gas well drilling sector is set to experience modest growth in 2024. This industry prediction outlines the prospects and trends expected within the energy sector over the next few years.
1. The Canadian Association of Energy Contractors (CAOEC) predicted that Canada's oil and gas well drilling sector will witness modest growth in 2024.
2. This prediction illustrates the expected trends and prospects within the energy sector over the coming years.
3. The forecast indicates a positive change for an industry that has greatly struggled recently due to impacts on oil prices and the global transition towards renewable energy.
4. Despite the positive forecast, the CAOEC highlighted that the predicted upswing is only modest.
5. The CAOEC warned that the sector's recovery will not be immediate or rapid, suggesting a long-term process.
The Canadian Association of Energy Contractors (CAOEC) predicts a modest growth in Canada's oil and gas well drilling sector in 2024.
The Canadian Association of Energy Contractors (CAOEC) has projected a modest upswing in activity for the oil and gas well drilling sector in 2024. This forecast signals a hopeful shift in an industry that has struggled considerably in recent years due to hard hit oil prices and the global energy transition. Nevertheless, while the growth forecast is positive news, the CAOEC emphasizes that the predicted upturn is modest and recovery will not be immediate or rapid.