The Canadian Affiliation of Petroleum Producers says it expects funding in oil and pure gasoline manufacturing on this nation to achieve $40 billion this yr.
The business group says that is up 11 p.c from final yr and in addition surpasses pre-COVID-19 pandemic ranges.
Upstream oil and pure gasoline funding in Canada hit a low of $22 billion in 2020 as costs collapsed as a result of pandemic.
CAPP says typical oil and pure gasoline capital funding for 2023 is forecast at $28.5 billion, whereas oil sands funding is predicted to achieve $11.5 billion.
CAPP says a lot of this yr’s elevated spending will go in direction of upkeep and incremental progress initiatives, in addition to managing inflationary pressures.
The foyer group says spending can be anticipated to go in direction of emissions discount applied sciences resembling selling the event of carbon seize and storage (CCUS).
