Investment in Canada’s oil and natural gas industry will rise 22% this year to C$32.8 billion ($26.3 billion) amid higher prices for hydrocarbons, according to the Canadian Association of Petroleum Producers.
The C$6 billion gain in investment marks the second straight year of “significant” increases, the oil and gas industry association said Thursday in a report. Spending on Canadian energy is rising as U.S. oil prices surge to their highest in seven years. West Texas Intermediate futures are trading at more than $85 a barrel and natural gas up about 60% in the last year amid an energy demand recovery from the covid-19 pandemic.
Investment in Canadian oil sands, the world’s third largest oil reserves, will jump by a third to C$11.6 billion while investment in conventional oil and gas will climb 17% to C$21.2 billion from last year.
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