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Oil and gas investment in Canada to hit $40 billion in 2023, industry group says

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The Canadian Association of Petroleum Producers said spending in the oilpatch in 2023 is expected to surpass pre\u002Dpandemic levels, three years after the arrival…

CAPP said this country’s conventional oil and natural gas capital investment for 2023 is forecast at $28.5 billion, while oilsands investment is expected to reach $11.5 billion.

The $40 billion in anticipated industry spending this year is still only half the level of capital investment the Canadian oil and gas sector saw in 2014, the last time commodity prices boomed. During that period, the oilsands were booming and a number of major construction and expansion projects were under way.Article content

“But a lot of that is dependent on regulatory certainty and Canadian competitiveness vis-a-vis other jurisdictions around the world.” In particular, she said the industry is looking for similar incentives for Canadian CCUS such as those contained in the Inflation Reduction Act south of the border.

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