CAPP expects oil and gas investment to rise 22% this year

Photo: The Canadian Press

Tim McMillan, President and CEO of the Canadian Association of Petroleum Producers.

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.