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Most of the projected oil investment will occur in Alberta and British Columbia, with a modest increase in Saskatchewan and stable levels in Atlantic Canada. Capital investment in Canada’s upstream oil and gas projects is expected to rise in 2021, but the increase still may be relatively modest coming off a year in which demand for oil was crushed by a global health pandemic. On Wednesday, the Canadian Association of Petroleum Producers forecast a 14 per cent increase in upstream investment, amounting to about a $3.36 billion uptick from what the organization’s president described as the “record lows of 2020.” The situation shows that Canada’s oil and gas industry is confronting a bevy of questions about its prospects despite bullish projections by some analysts that global demand will bounce back in 2021 as the COVID-19 vaccine distribution ramps up, and as air travel and office commuting resumes in greater numbers. “There’s a lot of unknowns, there always is,” Tim McMillan, chief executive and president of CAPP, “but maybe now more than ever.” This advertisement has not loaded yet, but your article continues below. Article content continued U.S. West Texas Intermediate (WTI) hit US$53.93 per barrel on Wednesday, its highest […]
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