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
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.