Canada’s Oil and Gas Firms To Boost Upstream Capex To $30 Billion in 2024

Canada’s oil and natural gas sector is set to boost upstream capital expenditures to around US$30 billion (C$40.6 billion) in 2024, up slightly from an estimated actual investment of US$28.8 billion (C$39 billion) for 2023, the Canadian Association of Petroleum Producers (CAPP) said in an estimate on Tuesday. “There is room for cautious optimism with current Canadian oil production at record levels in anticipation of the Trans Mountain expansion completion in the second quarter,” CAPP president and CEO Lisa Baiton said.…