Canada’s upstream on track to strengthen in 2023

Coming off a strong rebound year, the Canadian oil patch is on an upward trend, with strong prices and increased spending, but political uncertainty continues to cast a pall long term

The Canadian oil and gas industry appears poised for a monster year. Key indicators—such as spending plans, land sale revenues and drilling numbers—are all up. The war in Ukraine has shined an unwavering spotlight on the world’s continued dependence on fossil fuels and how truly thin the supply margin is for importers of energy. Further, it is now abundantly clear that hydrocarbons must play a critical role in achieving carbon neutrality.  Given Canada’s history of supporting international partners, its constant pursuit of new technology and its innovative approach to solving technical issues, the time is ripe for the export of Canadian hydrocarbons and technical innovation to a global marke