CALGARY, Alberta: Canadian natural gas producers are bouncing back faster from the COVID-19 pandemic than battered U.S. shale firms, putting them in position to boost net gas exports to the United States for the first time in five years.
Canada's rig count has surged from nine to 76, while the U.S. gas rig count is at 90, up from a low of 68 in July, according to Baker Hughes data."What we believe is driving some of the increase in expected capital spending for 2021 is for Canadian natural gas producers to capture market share from the reduction in associated natural gas due to the slowdown of drilling and production in a number of the large U.S.
Canadian oil and gas producers are forecast to boost spending by 14per cent, according to CAPP, with most of that increase coming from gas-focused companies. Canadian Natural Resources Ltd, the country's biggest oil and gas producer, has said it hopes to grow natural gas output by 11per cent this year.
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