After years of 'belt-tightening,' Canadian oilsands producers loosen reins on spending for growth, writes ChrisVarcoe: yyc yycbiz ableg
Canada’s oilsands producers are set to open their wallets and direct more capital toward their growth plans in 2023 after several years of relative frugality.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
About $1.45 billion will be directed to growing or optimizing operations, including its oilsands assets in northern Alberta, and for construction of the West White Rose project offshore Newfoundland and Labrador. “You’ve certainly seen the media around the world about the present urgency of getting oil and gas to countries that need it. So, I think that’s a bit of a trend,” Pourbaix said.
Statistics Canada reported last week that capital expenditures in the country’s oil and gas extraction sector increased to $9.9 billion during the third quarter, a 50 per cent increase from a year earlier.
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Varcoe: After years of 'belt-tightening,' Canadian oilsands producers loosen reins on spending for growthAfter years of 'belt-tightening,' Canadian oilsands producers loosen reins on spending for growth, writes ChrisVarcoe: yyc yycbiz ableg
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