According to the Canadian Association of Petroleum Producers, investment in oil and natural gas production in Canada is expected to reach $40 billion this year.
The group reported an 11% increase last year, and these results are higher than before the COVID-19 pandemic began.
Investment in the upstream oil and gas sector in Canada fell to $22 billion in 2020, as the COVID-19 pandemic caused a drastic drop in prices.
The Canadian Association of Petroleum Producers predicts that in 2023, $28.5 billion will be invested in conventional oil and natural gas, and $11.5 billion on the oilsands.
According to CAPP, a considerable amount of this year’s budget will be put towards preservation and development initiatives, as well as controlling inflationary pressures.
The group also stated that the funds will also go into emission reduction technology such as promoting the development of carbon capture, utilization, and storage (CCUS).
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