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The setting sun reflects off a tailings pond behind Syncrude’s oilsands upgrading facility north of Fort McMurray on June 18, 2013. Despite OPEC and its partners struggling Monday to reach a new oil-production accord — causing prices to tumble from 10-month highs — Canada’s oilpatch entered the new year expecting a much-needed recovery. How big of a rebound is the multibillion-dollar question for a sector that was pummelled throughout 2020. After a meltdown in demand caused by the global pandemic, and a vicious oil-price war between Russia and the Organization of Petroleum Exporting Countries last spring, the sector is starting 2021 on a more positive note. The Canadian Association of Petroleum Producers (CAPP) forecasts companies will increase their capital expenditures by 12 per cent this year to almost $27 billion, up from about $24 billion last year. That includes higher spending by both oilsands operators and conventional oil and gas producers, which should lead to more drilling activity and potentially more jobs. Article content continued “We view 2021 from an optimistic perspective that it would be a recovery year,” CAPP vice-president Ben Brunnen said Monday. “An extra $2 billion of investment into the Western Canadian economies, relative to 2020, […]
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