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CAPP is forecasting a 14 per cent increase in upstream gas and oil investment in 2021, with expectations of $27.3 billion in investment compared to the $24 billion experienced in 2020. (file) CALGARY — The Canadian Association of Petroleum Producers is predicting the ongoing downward trend of investment in the energy sector will end this year and stabilize. CAPP is forecasting a 14 per cent increase in upstream gas and oil investment, with expectations of $27.3 billion in investment compared to the $24 billion experienced in 2020. The 2021 forecast remains a significant departure from the numbers of 2014 when investment was $81 billion. "It is a positive sign to see capital investment numbers moving up from the record lows of 2020," said Tim McMillan, CAPP president and CEO, in a statement. "This can be read as the start of what we expect will be a long road to economic recovery for the natural gas and oil industry and the Canadian economy as a whole." According to CAPP, the additional spending will be primarily focused in Alberta and British Columbia and represents "a stabilizing of industry investment and the beginning of a longer-term economic recovery." Upstream investment in Alberta […]
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