2023 will be a important year for Canada's oil and gas industry, CAPP says yyc yeg
The forecast from the Canadian Association of Petroleum Producers says the investment will be funnelled into a number of businesses throughout the year. It says many of those organizations are Indigenous-owned and focus on issues like environmental performance.
Baiton says oil and gas production will continue to bolster royalty and tax revenues for multiple levels of government, which can then be used toward hospitals, schools, social programs and other infrastructure. The province's high royalty revenues were the main source of income that contributed to the UCP government's $10.4 billion surplus last year, which, in turn, helpedCAPP says spending will be also focused on the development of emission reduction technologies, such as carbon capture utilization and storage.
"The report estimates in 2022 that investment rose to $1.4 billion and could exceed $2 billion by 2025."
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