CAPP Forecasts Capital Investment for Canadian Oil and Natural Gas Sector to Reach $40.6 Billion in 2024
CALGARY, Alberta, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The Canadian Association of Petroleum Producers (CAPP) is forecasting capital expenditures for the upstream oil and natural gas sector will reach $40.6 billion in 2024, rising slightly from an estimated actual investment of $39 billion for 2023.
- CALGARY, Alberta, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The Canadian Association of Petroleum Producers (CAPP) is forecasting capital expenditures for the upstream oil and natural gas sector will reach $40.6 billion in 2024, rising slightly from an estimated actual investment of $39 billion for 2023.
- “Upstream oil and natural gas producers are staying disciplined, with capital expenditures expected to remain stable in 2024,” says Lisa Baiton, CAPP President & CEO.
- Conventional oil and natural gas capital investment for 2024 is forecast at $27.3 billion, while oil sands investment is expected to reach $13.3 billion.
- Alberta: The province is expected to maintain a steady investment level at $29 billion, with oil sands’ contribution at around $13.3 billion.