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CALGARY – The Canadian Association of Petroleum Producers says it expects a $3.36-billion rebound in oilpatch capital spending in Canada in this year compared with the restrained spending of 2020. The association says the 14 per cent increase in its members’ spending intentions to about $27.3 billion this year compares with total investment of about $24 billion in 2020. In June, CAPP estimated 2020 spending would be $23.3 billion, a downward revision from its January 2019 forecast of about $37 billion, thanks to cuts to cope with lower oil prices from an international price war and lower demand due to measures taken to control the COVID-19 pandemic. Spending in the sector has been trending lower since 2014 when investment reached $81 billion. Most of the additional spending this year is forecast for Alberta and British Columbia, while numbers in Saskatchewan show modest improvement and offshore investment in Atlantic Canada is expected to remain stable compared with 2020. CAPP estimates conventional oil and natural gas capital spending will be $20 billion, up from an estimated $17.2 billion last year, while spending in the oilsands will grow to $7.3 billion, up from $6.7 billion.
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