The Canadian Association of Petroleum Producers is predicting the ongoing downward trend of investment in the energy sector will end this year and stabilize.
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CALGARY, AB, Jan. 13, 2021 /CNW/ - 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. This year s forecast represents a stabilizing of industry investment and the beginning of a longer-term economic recovery.
Canadian Oil & Gas Group Sees 2021 Spending Boost
Jan 13, 2021 4:15:pm
Summary
by: Dale Lunan
The Canadian Association of Petroleum Producers (Capp) said January 13 it expects to see a 14% increase in upstream capital spending this year, halting a decline that has seen investment by Canada’s oil and gas producers plunge from C$81bn (US$64bn) in 2014 to just C$24bn in 2020.
In part reflecting an increase in t.
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CALGARY The Canadian Association of Petroleum Producers says it expects a $3.36-billion rebound in oilpatch capital spending in Canada in this year compared with the restrained spending of 2020. The association says the 14 per cent increase in its members’ spending intentions to about $27.3 billion this year compares with total investment of about […]