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Natural Gas and Oil Industry Investing in Canada's Economic Recovery: CAPP forecasts an increase of more than $3 billion in planned upstream spending for 2021

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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. ....

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Canada Gov Supports Hibernia Project

The Premier of Newfoundland and Labrador, Andrew Furey, has announced financial support for the Hibernia Project.
Under the support package, Hibernia Management and Development Company Ltd. (HMDC) will receive up to $38 million to restart well work, perform drill rig upgrades and invest in new digital technology. The investment, which is said to be around 40 percent of the total project cost, will result in 77 additional, full time equivalent (FTE) positions in 2021 and will maintain employment for 44 FTE positions next year and 27 FTE positions in 2022, according to a government statement.
HMDC has submitted a proposal for an additional scope of work which is currently being evaluated. If approved, it would bring the total funding commitment for the Hibernia Project to $66 million. Back in September, the federal government announced that $320 million would be administered by the province to support direct and indirect employment in the Newfoundland and Labrador oil and ga ....

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