CAPP projects slight increase in Canadian oil and gas capital spending in 2024
The industry group representing Canada's oil and gas producers says capital investment in the sector will edge slightly higher in 2024.
The Canadian Association of Petroleum Producers is forecasting capital expenditures for the upstream oil and natural gas sector will reach $40.6 billion this year, a small increase from the $39 billion invested by companies in 2023.
CAPP president and CEO Lisa Baiton says the sector is optimistic in anticipation of the expected completion of the Trans Mountain pipeline expansion, which has led Canadian oil producers to boost their output to record levels.
But she says companies are also feeling cautious in light of what she describes as ongoing uncertainty surrounding emissions policy in Canada.
In Alberta specifically, CAPP is forecasting oil and gas producers to maintain a steady investment level year over year at $29 billion, with the oilsands expected to contribute around $13.3 billion of that.
While a consortium of oilsands companies known as the Pathways Alliance have proposed spending $16.5 billion on a massive carbon capture and storage network to reduce emissions from oilsands sites in northern Alberta, they have not yet pulled the trigger with a final investment decision.
This report by The Canadian Press was first published Feb. 27, 2024.
CTVNews.ca Top Stories
Jubilation and gunfire as Syrians celebrate the end of the Assad family's half-century rule
Syrians poured into streets echoing with celebratory gunfire on Sunday after a stunning rebel advance reached the capital, putting an end to the Assad family's 50 years of iron rule but raising questions about the future of the country and the wider region.
Canada 'falling so consistently short' on defence spending has hurt standing on world stage, but improving: U.S. ambassador
U.S. Ambassador to Canada David Cohen says while Canada's defence spending is going in the right direction, the federal government's persistent failure to meet NATO targets has been damaging to the country's reputation on the world stage.
Most Canadians would avoid buying U.S. products post-Trump tariff: Nanos survey
A majority of Canadians would be hesitant to buy U.S. goods in response to the proposed American tariff on products from Canada, according to a new survey.
Canadians turn domestic for holiday travel, with weak loonie discouraging U.S. trips
After turning abroad for holiday vacations last year, more Canadians are keeping their travel plans in-country this Christmas season due to squeezed budgets, lower domestic fares and a decisive end to the post-pandemic boom in overseas travel — and now a slumping currency.
MP Jamil Jivani meets U.S. vice president-elect amid Trump's tariff threats
A Conservative member of Parliament has tapped a longtime friendship to connect with Donald Trump's inner circle as Canada prepares for the president-elect’s return to the White House next month amid threats of devastating tariffs.
Foreign Affairs Minister Melanie Joly focused on re-election, doesn’t explicitly rule out future Liberal leadership bid
Foreign Affairs Minister Melanie Joly insisted she supports Prime Minister Justin Trudeau and is focused on her own re-election, but wouldn't explicitly rule out a future Liberal leadership bid, in an interview on CTV's Question Period airing Sunday.
Longer careers in hockey are linked to greater risk of CTE: study
The largest study ever done on the brains of male hockey players has found the odds of getting a neurodegenerative disease caused by repeated traumatic brain injuries increases with each year played.
Trump calls for 'immediate ceasefire' in Ukraine after meeting Zelenskyy in Paris
U.S. president-elect Donald Trump on Sunday called for an immediate ceasefire in Ukraine, shortly after a meeting in Paris with French and Ukrainian leaders, claiming Kyiv 'would like to make a deal' to end the more than 1,000-day war.
Renovations underway to return one of the last Quonset-style theatres in Canada back to former glory
Community members in the small town of Coleman, Alta. are eagerly waiting for the grand re-opening of the historic Roxy Theatre now that renovations have started.