The Canadian Association of Petroleum Producers seeks federal support for a doubling over the next 4 years of now-slumping investment in Canada’s oil and gas industry.
The group made conditions supporting such a recovery part of wish list for the next Canadian government. Elections are scheduled Oct. 21.
CAPP noted that capital investment in the Canadian oil and gas industry is expected to fall to $37 billion this year from $81 billion in 2014.
“Canada has lost its competitive edge as a result of regulatory and policy changes that have scared investors away,” said CAPP Pres. and Chief Executive Officer Tim McMillan.
The group also called for federal support for the completion of proposed pipeline and LNG projects. Last year, it said, insufficiency of pipeline capacity for heavy crude oil cost the energy industry $20.6 billion (Can.).
CAPP also said the federal government should create conditions to supply Canada’s oil and gas needs with domestic production, increase participation of indigenous communities and businesses in Canada’s oil and gas industry, and increase Canada’s contribution to global oil and gas supply.
