The Canadian Association of Petroleum Producers (CAPP) believes upstream oil and gas investment will hit C$40 billion in 2023.
CAPP’s forecast would represent an 11% increase over 2022 and would see investment surpass pre-pandemic levels.
As global oil demand climbs and energy security becomes increasingly important, 2023 could prove to be a pivotal year for Canadian oil and gas.
The Canadian oil and gas industry could see investments topping pre-pandemic levels at some C$40 billion, or $29.36 billion, the Canadian Association of Petroleum Producers said.
The sum also represents an 11% increase over 2022 investment levels, equal to C$4 billion.
“The year 2023 may be one of the most pivotal moments in time for Canada’s oil and natural gas industry. With an emerging liquefied natural gas export industry, the expected completion of the Trans Mountain pipeline expansion, and billions of dollars in emissions reduction investments waiting to be unlocked, Canada is positioned to play a much larger role in providing responsibly produced energy resources to the world,” CAPP president and chief executive Lisa Baiton said.
Canada’s oil and gas industry has been plagued by problems such as excessive red tape and the tightening government grip around emissions from oil and gas production. Yet demand for both oil and gas globally has helped it tackle these and, as suggested by the expected investment, will cause the industry to grow.
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