After the crash – what's changed in Canada upstream?
Canada's oil and gas industry never fully recovered from the last downturn and is now challenged to navigate the latest crisis. We forecast US$29 billion of investment will be lost over the next five years. This loss of investment ripples through the industry, slowing production growth, reducing government share and delaying development projects. Not all resource themes are affected equally. As local gas prices strengthen, gas production is expected to grow faster than oil production, reversing the trend seen between 2010-2019.