Canadian petroleum producers forecast an increase of $3 billion in upstream spending this year.
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Petroleum producers optimistic
Published 2:11 PST, Thu February 11, 2021
The Canadian Association of Petroleum Producers (CAPP) is forecasting a 14 per cent increase in upstream natural gas and oil investment in 2021. Capital spending in the sector is expected to be around $3.36 billion higher this year, reaching $27.3 billion, compared to an estimated total investment of $24 billion in 2020.
The planned investment for 2021, while increasing from the lowest levels in more than a decade, would halt the dramatic decline seen since 2014 when investment sat at $81 billion. The additional spending is primarily focused in Alberta and British Columbia.
CAPP says conventional oil and natural gas capital investment for 2021 is forecast at $20 billion, up from an estimated $17.2 billion last year. The expected 2021 increase of investment into the Canadian economy is partly due to the availability of COVID-19 vaccine globally, which is expected to higher economic activity and increased energy demand. The International Energy Agency (IEA) projects the global economy will return to pre-COVID levels in 2021 while global energy demand is expected to reach its record high pre-crisis levels in early 2023.
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