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Top 15 operators by rig release from January to June 2024:
A total of 3,434 wells were drilled and rig released from January to June 2024 (inclusive). Cenovus Energy leads the way as the top operator with 400 wells, followed by Canadian Natural Resources at 330 wells, Spur Petroleum at 323 wells, and Headwater Exploration at 296 wells.
Top formations targeted by the Top 15 operators:
Thermal activity in the McMurray formation puts Cenovus in the top position. The second most active operator is CNRL with a diversified position across 15 different formations. The Clearwater formation dominates well activity for several top operators with a notable increase in activity in the Waseca formation helping push Rubellite Energy into fifth position for overall activity.
Top drilling contractors for the Top 15 operators:
Given the diversity of plays being targeted — it is no surprise to see an equally broad cross-section of active drilling contractors in the market. The leading drilling contractors used by the Top 15 operators were Precision Drilling, Ensign Drilling, Bonanza Drilling, Savanna Drilling, and Western Energy Services.
Top licensed substance by the Top 15 operators:
Thermal and multi-lateral project activity helped to drive bitumen to the top licensed substance for eight of the Top 15 operators, while seven of the Top 15 operators drilled for oil as well. Natural gas licences represent a small percentage of top operators’ current activity.
Bruce Hancock is Director, Technical Advisory Group, at geoLOGIC systems ltd. He has over 40 years’ experience in oil and gas exploration, development, and production.
