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Rising number of well closings to weigh on oil sector Add to ...

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Canada’s oil patch is in for another shock, as energy companies are expected to abandon a record number of aging oil and gas wells over the next year, a move that will weigh heavily on businesses with older oil and gas fields.

When crude prices plunged from more than $100 (U.S.) a barrel in 2014 to today’s $45 levels, energy producers responded by temporarily turning off the tap. Production is currently suspended at 93,000 Western Canadian oil and gas wells, according to a recent study from RBC Dominion Securities Inc.

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