Skip to main content

CAPP projects slight increase in Canadian oil and gas capital spending in 2024

A rainbow appears to come down on pumpjacks drawing out oil and gas from wells near Calgary, Alta., Monday, Sept. 18, 2023. Canada has the third largest oil reserves in the world and is the world's fourth largest oil producer. THE CANADIAN PRESS/Jeff McIntosh A rainbow appears to come down on pumpjacks drawing out oil and gas from wells near Calgary, Alta., Monday, Sept. 18, 2023. Canada has the third largest oil reserves in the world and is the world's fourth largest oil producer. THE CANADIAN PRESS/Jeff McIntosh
Share
CALGARY -

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

BUDGET 2024

BUDGET 2024 Feds cutting 5,000 public service jobs, looking to turn underused buildings into housing

Five thousand public service jobs will be cut over the next four years, while underused federal office buildings, Canada Post properties and the National Defence Medical Centre in Ottawa could be turned into new housing units, as the federal government looks to find billions of dollars in savings and boost the country's housing portfolio.

Lululemon unveils first summer kit for Canada's Olympic and Paralympic teams

Lululemon showed off its collection for the Summer Olympics and Paralympics on Tuesday at the Liberty Grand entertainment complex. Athletes sported a variety of selections during a fashion show that featured garments to be worn on the podium, during opening and closing ceremonies, media interviews and daily life on the ground in France.

Stay Connected