Capital investment in the Canadian oil and gas industry is forecasted at $40 billion for 2023 nearly double 2020 spending. O&G companies are expected to invest $28.5 billion in conventional oil and gas production and $11.5 billion in oilsands. CAPP CEO Lisa Baiton remarked to the Financial Post that “it’s a pretty strong signal that the upstream oil and gas industry has started the year in a position of strength.”
The forecast includes the completion of the Trans Mountain pipeline and Phase One of LNG Canada’s liquified natural gas terminal near Kitimat, B.C. Most of the remaining funds will go towards “maintenance and ‘incremental growth’ projects, according to Baiton.
Source:
Stephenson, Amanda – The Canadian Press
‘Feels pretty good’: Oil and gas investment in Canada to hit $40 billion in 2023, CAPP says
Financial Post
