Media Release - CAPP Forecasts Capital Investment for Canadian Oil and Natural Gas Sector to Reach $40.6 Billion in 2024

Media Release For Immediate Release CAPP Forecasts Capital Investment for Canadian Oil and Natural Gas Sector to Reach $40.6 Billion in 2024 February 27, 2024 (Calgary, Alberta) - The Canadian Association of Petroleum Producers (CAPP) is forecasting capital expenditures for the upstream oil and natural gas sector will reach $40.6 billion in 2024, rising slightly from an estimated actual investment. [...] The disciplined business approach and modest production growth in recent years has yielded significant returns to the Canadian economy, representing $111 billion in gross domestic product (GDP) and $45 billion in revenues to municipal, provincial, and federal governments, supporting communities, infrastructure, and energy affordability across the country. [...] “Hundreds of thousands of Canadians directly and indirectly rely on the industry for work, enabling thousands of families and businesses, including hundreds that are Indigenous owned, to improve their lives and prosperity.” The oil and natural gas industry is among the largest investors in emissions reduction technologies in Canada and investments are expected to accelerate this year to advance em. [...] • Offshore Newfoundland and Labrador: Investments reached $1.6 billion in 2023 and are expected to increase to $2 billion in 2024. [...] In 2022 across Canada, our industry contributed $111 billion to the Gross Domestic Product (GDP) in addition to paying $45 billion in taxes and royalty payments.