It wasn’t that long ago, Crescent Point was pouring nearly all its capital budget into Saskatchewan, often employing over 20 drilling rigs in this province alone, and one in Alberta. My, how times have changed.
Its revised five year plan doesn’t even mention Saskatchewan by name.
The company has historically shown a pattern before it sells off an asset. It stops all drilling in that area months before a sale is announced. When I took Saskatchewan’s Minister of Energy for a tour west of Estevan, there wasn’t one rig drilling west of Estevan all the way to the Shaunavon area. When the photo above was taken in February, 2018, the company was running about 10 rigs in one township alone west of Estevan.
This is a key reason why I asked some hard questions of Premier Scott Moe about the lack of drilling activity in Part 2 of my year end interview with him (posted yesterday)
EDIT: Noting the lack of comments, let me provide some context: An enormous portion of Saskatchewan’s prosperity over the last 15 years, including its transition from a have-not to a have province, could be contributed to Crescent Point’s actions from 2007-2020. In 2008, they spent about a billion on land sales alone, then many, many more billions in the subsequent years developing that land through intense drilling efforts. For a while around 2012-ish they were Saskatchewan’s largest oil producer. Through a series of something like 30 mergers and acquisitions, the company built up a huge land base in this province, principally in southeast Saskatchewan. For several years, they were the top drilling oil producer in all of Canada, often employing more rigs than No. 2 and 3 combined. And usually all but one of those rigs were working in this province.
Now that is dramatically diminished. They’re milking Saskatchewan but spending substantially less here. I won’t say minimal, but it is a huge, huge, difference. So when they’ve found a new lover, as it were, in Alberta’s Duvernay and Montney plays, that might be good for them, but not so much for us left out here in the frozen barren wasteland of southeast Saskatchewan.
Get it now?
Extraction of natural resources in communist nations has long been fraught with risk.
Another Canadian property FOR SALE to the Chinese landlords.
why would any company do business with the fascist Sask Party and their Lego man leader Moe.
If I was leading a multinational corporation I would think twice about doing business with any jurisdiction that mandated masks and vaccines for everyone under my employment. Alberta did the same but Alberta booted Kenney for Smith while we still have a fascist drunk still at the helm in Saskatchewan
Thor; I agree with you, although they would never say it publicly. I wish they would.
Business goes where they can make money.They couldn’t care less about mask mandates two years ago. And if they did care, SK was one of the first provinces to drop masking. It’s your hang up, you need to get over it now. There are worse and more current problems to concern yourself with. Like all the regulations the federal government has imposed on energy production. That will be of much greater concern to anyone thinking of investing in SK energy
The Duvernay offers far better rewards. this kind of change in action is decided at the board room table.
“EDIT: Noting the lack of comments,”
You’ve taught more people more about this topic than you may realize.
You do realize I post stories here for the comments, right? I read every single one. Even the haters. Wasn’t her name Heather? I can’t remember.
“You do realize I post stories here for the comments, right?”
I read posts here that pass Kate’s smell test, as I’ve come to respect this site as a sanctuary for the sane.
I notice that comments come in from all over North America, and even off continent.
I note that Ezra Levant, Mark Steyn, Kate McMillan, and other notable personalities and sites are literally unknown to fellow Canadians I speak with, however long they’ve been around, and how prescient their views have been.
Just be thankful for the exposure, and don’t fret if comments are sparse when you’re educating others.
‘Patience is a virtue, possess it if you can, it’s never found in women, and seldom found in man.’
Life Follows Art dept.
Hit Me With Your Rhythm Stick – Ian Dury
https://www.youtube.com/watch?v=0WGVgfjnLqc
Actually, I post here for many reasons, but the comments are a good measure to see if I’ve hit the mark or not on a topic. So when it’s crickets, that means I missed.
Brian, I for one very much appreciate the insight that your posts provide. I would liken your work to “on-the-ground” reporting from a war zone. Thank you and Merry Christmas!
One of the things I really appreciate about SDA is the number of interesting people with worthwhile things to say, whom I’d never know about if I didn’t come here. Brian is definitely one of them. Merry Christmas!
Are the wells that they stopped using dry?
Figured I’d jump into the mix with a little conversation starter:
https://ndpetroleumfoundation.org/2022-nd-oil-and-natural-gas-production-infographic/
Frank, are those recent numbers?
The most recent that are annualized. 2023 numbers won’t roll out for awhile.