Canada’s Energy Patch Sees ‘Significant’ Boost in Investment
- CAPP says 22% rise in spending brings second year of big gains
- Industry group warns that Canada is losing global market share
Heavy haulers work at a mine in the Athabasca oil sands near Fort McMurray, Alberta in 2018.
Photographer: Ben Nelms/BloombergThis article is for subscribers only.
Investment in Canada’s oil and natural gas industry will rise 22% this year to C$32.8 billion ($26.3 billion) amid higher prices for hydrocarbons, according to the Canadian Association of Petroleum Producers.
The C$6 billion gain in investment marks the second straight year of “significant” increases, the oil and gas industry association said Thursday in a report. Spending on Canadian energy is rising as U.S. oil prices surge to their highest in seven years. West Texas Intermediate futures are trading at more than $85 a barrel and natural gas up about 60% in the last year amid an energy demand recovery from the Covid-19 pandemic.