CAPP projects $6B jump in investment in Canadian oil and natural gas in 2022
The Canadian Association of Petroleum Producers says rapid growth in global demand for natural gas and oil will see the trend of significant investment in the sector continue for the second straight year.
CAPP projects $32.8 billion in investment in 2022, a nearly $6 billion increase over the $26.9 billion invested in 2021, as producers look to make hay as commodity prices are strong.
The organization says investment increases are expected this year in both capital investment, forecasted at $21.2 billion compared to $18.1 billion in 2021, as well as oilsands investment where a 33 per cent increase over 2021 is anticipated ($11.6 billion compared to $8.7 billion).
Alberta is expected to be the province to experience the largest investment gains percentage-wise. CAPP projects a 24 per cent increase to $24.5 billion.
Increased investment is also projected for B.C., Saskatchewan and offshore production.
Despite the rosy outlook for 2022, CAPP says Canada continues to lose global market share to other jurisdictions.
Tim McMillian, CAPP president and CEO, says more needs to be done to support "one of the most innovative energy producers in the world" and oil and natural gas produced outside Canada will likely "not match our high environmental and social standards."
"Rapid demand growth for oil and natural gas globally and strengthening commodity prices mean there is opportunity for Canada’s industry for decades to come. To ensure a true recovery takes hold in Canada, government at all levels along with the industry must work together to create an environment where the natural gas and oil industry can thrive and attract investment back to Canada."
A Wood Mackenzie forecast suggested Canada would receive roughly six per cent of worldwide investment in oil and natural gas this year. In 2014, Canada received 10 per cent of investment in the sector. The four percentage point drop equates to approximately $21 billion.
CTVNews.ca Top Stories
Nearly half of China's major cities are sinking, researchers say
Nearly half of China's major cities are suffering 'moderate to severe' levels of subsidence, putting millions at risk of flooding especially as sea levels rise.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
Judge says 'no evidence fully supports' murder case against Umar Zameer as jury starts deliberations
The judge presiding over the trial of a man accused of fatally running over a Toronto police officer is telling jurors the possible verdicts they may reach based on the evidence in the case.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn't over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball's highest scorer Caitlin Clark's first news conference as an Indiana Fever player.
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
Colin Jost names one celebrity who is great at hosting 'Saturday Night Live'
Colin Jost, who co-anchors Saturday Night Live's 'Weekend Update,' revealed who he thinks is one of the best hosts on the show.
'Shopaholic' author Sophie Kinsella reveals brain cancer diagnosis
Sophie Kinsella, the best-selling author behind the 'Shopaholic' book series, has revealed that she is receiving treatment for brain cancer.
LeBlanc says he plans to run in next election, under Trudeau's leadership
Cabinet minister Dominic LeBlanc says he plans to run in the next election as a candidate under Prime Minister Justin Trudeau's leadership, amid questions about his rumoured interest in succeeding his longtime friend for the top job.