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- While investment in Canada’s oil and gas industry has increased steadily since 2020, it remains far below record levels achieved in 2014. In fact, investment in the sector fell from $76 billion in 2014 to $35 billion in 2023.
www.fraserinstitute.org/article/red-tape-and-uncertainty-hurting-oil-and-gas-investment-in-canadaRed tape and uncertainty hurting oil and gas investment in ...
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- Crude oil price. The price of crude oil is the most important factor that drives production and investment in the oil and gas extraction sector. Chart 1 presents movements in two of the most relevant crude oil prices for Canada, the WTI and the Western Canadian Select (WCS) from January 2019 to February 2021.
- Production and employment. Chart 2 presents monthly production and employment in the oil and gas extraction industry and in all industries as a whole from January 2019 to April 2021.
- Crude oil and merchandise exports. The global value chain and, therefore, merchandise exports have been greatly affected by the pandemic because of declining demand.
- Capital expenditures. Capital expenditures in oil and gas extraction are highly related to crude oil price. Lower oil prices will drive down the profit level of oil and gas extraction and ultimately discourage investment in the industry, and this will affect its production capacity in the long term.
Nov 23, 2022 · By 2020, with annual average WTI 4 prices at US$40 per barrel, Canadian oil and gas investment fell to $24 billion, a level not seen since 2002. Investment in 2020 was down more than two-thirds from 2014’s peak, when WTI prices averaged US$90 per barrel.
Companies in the Canadian oil and gas sector reacted quickly to the drop in oil prices by adjusting capital expenditures. One major company, Suncor, put projects on hold and cut its 2020 capital
While investment in Canada’s oil and gas industry has increased steadily since 2020, it remains far below record levels achieved in 2014. In fact, investment in the sector fell from $76 billion in 2014 to $35 billion in 2023.
• Investment in the Canadian oil and gas sector (conventional and oil sands) grew from $33 billion in 2009 to $73 billion in 2014, before falling back to just under $33 billion in 2017; • Investment in the U.S. oil and gas sector grew far more robustly than in Canada, increasing from $70 billion in
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Dec 26, 2020 · The $3.8-billion merger of two key players in the Canadian oil and gas business — Husky Energy and Cenovus Energy — was among the big surprises of 2020. The Canadian oil and gas...
Jul 14, 2021 · Canadian oil and gas exploration and production (E&P) companies’ cash flow from operations * was negatively impacted during 2020 largely because of the decline in oil demand and prices due to the effects of the COVID-19 pandemic. 1 The breakdown in negotiations related to production cuts between OPEC+ 2 countries in the spring of 2020 also ...
