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The Canadian Association of Petroleum Producers (CAPP) is predicting a 14 per cent increase in upstream oil and gas investment in 2021 over the record lows from the year before, though the numbers remain well below pre-pandemic levels. The forecast, released Wednesday, of $27.3 billion in investment in 2021 compared to the $24 billion in 2020 is 23 per cent below 2019 investment and one-third of the industry’s peak of $81 billion in 2014. If the projections hold, 2021 would be the first time since 2014 that both conventional and oilsands investment have combined for an overall increase in investment. Tim McMillan, president and CEO of CAPP, said investment is not at a satisfactory level but is shifting back to growth. “It’s not at a level we’re happy about but it is showing that our industry has some resilience,” he said. “And if Canada is looking to pull itself out of this economic turmoil, we’re going to be one of the key engines.” CAPP’s initial forecast for 2020 expected investment to reach $37 billion. The association blames the drop on the price war between Russia and Saudi Arabia in March of 2020 and the global economic impacts of the […]
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