According to updated Alberta Energy Regulator (AER) projections, total oil and gas capital expenditures in 2022 are expected to increase to $28.6 billion from $20.2 billion in 2021.

Non-oilsands oil and gas capital spending is forecast to increase to $17 billion in 2022 as production responds to high oil prices. This represents a 56 per cent increase from 2021 expenditures.

Capital expenditures are expected to increase further to $18.3 billion in 2023 as operators’ financial conditions improve.

To read the Daily Oil Bulletin’s latest guidance report, which features corporate announcements made in April 2022, click here to access it directly, or click on the Guidance tab on the DOB website.

The guidance report provides 2022 forecasts for capital spending, drilling and production for companies headquartered in Canada and the U.S. This is the first monthly report for the 2022 guidance season. We will continue with monthly updates until we resume weekly reports later this year for 2023 announcements.

Data for the report is powered by Evaluate Energy.