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Spending Estimates Lowered as Oil and Gas Uncertainties Persist

Source: The Canadian Press, cbc.ca, June 08, 2020

Global energy demand have plummeted due to the COVID-19 pandemic.

New forecasts show dramatically lower expectations for 2020 capital spending in the oil and gas sector both nationally and in Alberta, the province that produces 65 per cent of the country’s natural gas and 82 per cent of its oil.

The Canadian Association of Petroleum Producers now estimates that $23.3 billion will be spent in the oil and gas production sector in Canada this year, down from about $37 billion in its January forecast.

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