Olivia Woods
According to the Canadian Association of Petroleum Producers (CAPP), natural gas and oil investment would rise by 22% by 2022. Projecting a $6.0 billion increase in investment in the sector reaching $32.8 billion, compared to an estimated total investment of $26.9 billion in 2021.
Alberta is predicted to have the greatest percentage increase in investment. The Canadian Association of Petroleum Producers expects a 24% increase in revenue to $24.5 billion.
British Columbia, Saskatchewan, and offshore production are also expected to see an increment in investment.
CAPP reports that Canada is losing market share around the world despite the optimistic forecast for 2022.
According to the company Wood Mackenzie prediction, Canada’s oil and gas sector is expected to garner about 6% of global investment this year. In that same year, 10% of all money invested in the sector went to Canada. Approximately $21 billion is saved as a result of the 4% decrease.
Canadian Petroleum Producers (CPP) CEO Tim McMillian says more has to be done to assist “one of the world’s most inventive energy producers.” He adds that oil and natural gas produced outside of Canada will likely “not achieve 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.” he said.
Original source material for this article taken from here
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