CALGARY, ALTA. – The Canadian Association of Petroleum Producers says it expects a 22 per cent increase in natural gas and oil investment in 2022.
The association says capital spending in the sector is expected to reach $32.8 billion, compared with an estimated $26.9 billion in 2021.
CAPP says the expected growth in overall spending this year would mark the second straight year of significant increases in investment.
It estimates $21.2 billion in conventional oil and natural gas capital investment, up from $18.1 billion last year.
Oilsands investment is expected to be about $11.6 billion compared with $8.7 billion in 2021.
CAPP CEO Tim McMillan says the natural gas and oil industry is continuing its path toward recovery.