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A pumpjack works at a well head on an oil and gas installation near Cremona, Alta., Saturday, Oct. 29, 2016. Federal financing relief for large Canadian companies announced Monday was welcomed by the oil and gas sector and the Alberta government despite conditions that linked the aid to climate change goals. THE CANADIAN PRESS/Jeff McIntosh CALGARY (660 NEWS) – It’s something we haven’t heard of for quite some time: optimism about the oil and gas industry. A new report from the Canadian Association of Petroleum Producers (CAPP) released Wednesday shows improvement in the sector when it comes to spending and investment. The report forecasts a 14 per cent increase in upstream natural gas and oil investment in 2021 and that capital spending is expected to be around $3.36 billion higher this year. Capital investment in the oil sands is forecast to hit $7.3 billion this year up from an estimated $6.7 billion total in 2020. WATCH: Ottawa supporting oil and gas sector with $1.7B to clean up ‘orphaned wells:’ Trudeau Share Video Player is loading. Play Video Play Mute 0:00 / 0:00 Loaded: 0% Progress: 0% Stream TypeLIVE 0:00 Playback Rate 1x Chapters Chapters Descriptions descriptions off, selected Captions […]
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