While nearly 80 per cent of Canadians have rolled up their sleeves for a double dose of the COVID vaccine, Canada’s oil and gas industry could also be getting a shot in the arm this year.
Of that, $21.2 billion is expected in capital investment — up from $18.1 billion last year — and $11.6 billion in new oilsands investment — compared to $8.7 billion in 2021. “With the most recent waves, we’ve seen the global demand for oil and gas largely sustained at close to record levels,” he said, and it’s expected to “rise fairly dramatically” in the next few years.says “oil demand defied expectations” in the fourth quarter of 2021, even with the worldwide spread of COVID-19.
CAPP says Alberta will be the main beneficiary of the increased investment, followed by Saskatchewan and B.C. Offshore oil and gas in Newfoundland and Labrador won’t grow much, though. “Rapidly growing global demand for natural gas” means “producers in British Columbia are showing interest in growing their investment in the province.”Producers in Saskatchewan are expected to invest $2.7 billion this year, a 16 per cent bump from 2021.