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About 10%
- Upstream oil and gas investment is expected to rise by about 10% in 2021 as companies recover financially from the shock of 2020, but spending remains well below pre-crisis levels.
www.iea.org/reports/world-energy-investment-2021/executive-summary
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How much will oil & gas investment increase in 2021?
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Will capital spending increase in oil sands in 2021?
- 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.
- Capital Expenditures Increase
- Balance Sheet
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The rise in demand and prices in 2021 fostered confidence in the oil and gas extraction industry, and consequently, encouraged investment opportunities. Total capital expenditures increased 20.4%, from $21.4 billion in 2020 to $25.8 billion in 2021. Investment in the oil sands sector rose to $9.0 billion in 2021, an increase of 23.5% from 2020. Sim...
In 2021, Canada's oil and gas extraction companies reported total assets of $452.9 billion, up 2.6% from 2020. Total capital assets increased 1.2% in 2021 to $380.0 billion as the industry reversed the write-offs incurred in 2020. Following a 12.1% decrease in 2020, total liabilities (the sum of current liabilities, long term debt, and other liabil...
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
Upstream oil and gas investment is expected to rise by about 10% in 2021 as companies recover financially from the shock of 2020, but spending remains well below pre-crisis levels. Firmer demand and higher oil and gas prices have led to diverging investment strategies.
Capital investment in Canada’s upstream oil and gas projects is expected to rise in 2021, but the increase still may be relatively modest coming off a year in which demand for oil was crushed by a global health pandemic.
Jan 15, 2021 · Conventional oil and natural gas capital investment for 2021 is forecast at $20 billion, up from an estimated $17.2 billion last year. Capital investment in the oil sands is forecast at $7.3 billion in 2021, up from an estimated $6.7 billion total in 2020.
Upstream investment in the oil and gas sector in 2021 was depressed for a second consecutive year at $341 billion – nearly 25% below 2019 levels. Meanwhile, oil and gas demand is now near pre-pandemic highs and will continue to rise for the next several years, particularly in developing countries.
Nov 23, 2022 · Investments in Canadian oil and gas are rising from their 2020 lows due to higher prices. But other factors are becoming more important for the industry, such as environmental, social, and governance (ESG 1) considerations and net-zero emissions policies.
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