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
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Maple Leafs fall to Bruins in Game 3, trail series 2-1
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
New Indigenous loan guarantee program a 'really big deal,' Freeland says at Toronto conference
Canada's Deputy Prime Minister Chrystia Freeland was among the 1,700 delegates attending the two-day First Nations Major Projects Coalition (FNMPC) conference that concluded Tuesday in Toronto.
'Life was not fair to him': Daughter of N.B. man exonerated of murder remembers him as a kind soul
The daughter of a New Brunswick man recently exonerated from murder, is remembering her father as somebody who, despite a wrongful conviction, never became bitter or angry.