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LNG Export Facility Rendering – Image courtesy of LNG BC Investment in new or expanded oil sands projects and conventional oil and gas production had already been drying up, thanks to an oil price plunge, driven in part by an oil price war between Russia and Saudi Arabia. Then a global pandemic drove the demand for oil down as a result of travel restrictions and lockdowns, forcing oil prices even lower. Investment in Canada’s oil and gas sectors shrunk by 31% in 2020. The C$37 billion in investment in Canadian oil and gas that CAPP had forecast for 2020 fell short by C$13 billion, as oil and gas majors pulled back on spending. CAPP now projects a modest recovery in 2021. It projects oil and gas companies will invest C$27.3 billion in 2021. It projects spending in B.C. will increase by close to C$1 billion in 2021 — C$3.9 billion, compared to C$3 billion in 2020. That projected spending is in upstream development, not pipelines or LNG plants. “The province’s support for Liquefied Natural Gas remains a driver for investment with the LNG Canada project under construction — one of the largest capital projects in Canadian history,” CAPP says […]
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