The rise of shut-in gas volumes across British Columbia Report

Insight 04 November 2024

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Report summary

British Columbia has seen a rapid growth in shut-in wells. Operators in Western Canada have been through a rough summer as Canadian gas pricing saw sharp declines throughout 2024. Benchmark prices started the year above Cdn$2.00/MMBtu and flirted with $0.00 on several days in September. Rising stored gas volumes helped push prices down throughout the year and exposed operators to higher volatility. The response from producers favoured a deferral of development activity, shifting activity from Q3 to Q4. However, some companies did opt to curtail production from their gassier assets. Well-level production data suggests that the total curtailed gas volumes in British Columbia were significant. Nearly 1.0 bcf/d of natural gas production from over 2,000 wells has been shut-in. Our analysis evaluates which formations and operators contributed to the year's curtailment.