COVID-19 pandemic, low energy prices leave Alberta with $24.2B deficitThe federal agency says the industry spent about $3.88 billion in the three-month period, down from $8.46 billion in the first quarter and $8.59 billion in the second quarter of 2019, as a global price war and demand destruction caused by the COVID-19 pandemic eroded crude prices.
Oil and gas spending estimates adjusted lower amid ongoing uncertainty In June, the Canadian Association of Petroleum Producers estimated that $23.3 billion would be spent in the oil and gas production sector in Canada this year, a downward revision from about $37 billion in its January forecast.Last week, the Canada Energy Regulator said it expects oil production in Canada will average 4.38.