Capital investment in the oil industry will be down 62 per cent this year compared to 2014.
That’s from new data compiled by the Canadian Association of Petroleum Producers and it translates to $50 billion.
CAPP President and CEO Tim McMillan says times are tough in the industry and Canada should take action now to ensure it becomes the energy supplier of choice to world markets, adding the country also needs urgent action to remain an attractive market for oil and gas investment.
McMillan says expanding the country’s pipelines network and developing LNG export facilities would allow Canadians to earn full value for their resources and create economic activity that would otherwise be lost.
He says declining activity in the oil and gas sector reduces governments’ revenues which in turn could impact their ability to fund public services.