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Drilling activity doubles as oil production picks up

  • ​As oil and gas companies reduce their break even costs, drilling and production has seen significant improvement in year-over-year changes, particularly March through June where active rigs more than doubled the numbers seen last year.
  • This improvement in the energy sector is expected to aid in Alberta’s economic recovery as the province’s GDP expectations for 2017 rise to a positive 2.9 percent.
  • While leasing activity in the GEA has yet to improve, if this trend continues, the need for storage space and larger operations could drive activity in the industrial market. ​

Source: JLL Research, Bloomberg, Government of Alberta 

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