The "Canadian Association of Petroleum Producers" (CAPP / ACPP), which represents the country's oil and gas producers, expects capital spending in this sector during 2024 to be slightly higher than its level in 2023.

The association expects capital spending in the oil and natural gas sector to reach $40.6 billion this year, representing a limited increase of 4.1% over the $39 billion invested by companies in 2023.

The association's CEO, Lisa Payton, says the sector is optimistic.

This optimism is partly due to the expected completion of the expansion work of the "Trans Mountain" oil pipeline, which has led Canadian oil producers to increase their production to record levels.

The "Trans Mountain" pipeline is the only one that transports oil from Alberta, Canada's richest province in this resource, to the country's west coast. The expansion project nearing completion increases the line's capacity to transport oil from 300,000 barrels to 890,000 barrels per day, nearly tripling it.

However, oil companies remain cautious due to what Payton describes as a state of ongoing uncertainty related to carbon emissions policy in Canada.

In Alberta, the "Canadian Association of Petroleum Producers" expects oil and natural gas producers to maintain a steady annual investment level of $29 billion, including about $13.3 billion in oil sands.

Although the "Pathways Alliance" (Pathways Alliance / Alliance Nouvelles voies) proposed spending $16.5 billion on a massive carbon capture and storage network to reduce emissions from oil sands extraction facilities in northern Alberta, it has not yet made a final investment decision.

The "Pathways Alliance" includes major oil sands companies in Canada.

Canada is the fourth largest oil producer in the world and is one of the countries expecting a significant increase in production in the coming years.