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.
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