Capital investment in Canada's oil and gas industry down 62%
This is the largest two-year decline since the Canadian Association of Petroleum Producers (CAPP) and its predecessor organizations started tracking this data in 1947, according to new data compiled by CAPP.
Total capital investment in the oil and natural gas sector is forecast to decline to $31 billion in 2016, down from a record $81 billion in 2014.
The timely expansion of Canada’s pipelines network to deliver to more markets at home and abroad, along with the development of liquefied natural gas export facilities, remains a national priority.
Doing so would allow Canadians to earn full value for their resources and create economic activity that would otherwise be lost.
The total number of wells drilled in Western Canada is forecast to decline to 3,500 wells in 2016, a 66 percent drop from the 10,400 wells drilled in 2014.
More than 2,300 businesses across Canada outside of Alberta supply goods and services to the oil sands.
Including indirect jobs, more than 110,000 people across Canada have lost their jobs as a result of the downturn in the oil and natural gas sector. ■