The year 2020 was an awful year due to the crushing impact of the COVID-19 impact, and all its collateral damage. This includes a collapse in natural gas and oil investment in Canada to its lowest level in a decade, leading to job losses and lost economic opportunity. With the approval of several COVID vaccines, however, 2021 is promising to be a better year.
This includes Canada’s natural gas and oil industry, with a forecast uptick in capital investment that partially offsets 2020’s losses. This promises to be the beginning of the long road to economic recovery for Canada with natural gas and oil as one of its primary drivers.
Canadian natural gas and oil investment: ready for recovery?
CAPP’s 2021 natural gas and oil capital investment forecast predicts a 14% uptick—a good sign for Canada’s economic recovery.