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Published Nov 05, 2024 • 3 minutes of reading
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Insights into the Canadian economy and the North American and global energy sector discussed during an expert panel, hosted by Enserva
CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Today, Enserva released its Fall 2024-2025 State of the Industry Report (“Report”), providing trends, insights and overall prospects for oil and gas and drilling. the service sector moves to 2025.
In addition to the release of the report, Enserva hosts presentations and expert panels highlighting the findings of the Report and what the sector can expect in the coming year. The panel was hosted by Gurpreet Lail, President and CEO, Enserva, and featured Tyler Dahlseide, Enserva Board Chairman and President, Ferus Inc., Mark Parsons, Vice President and Chief Economist, ATB Financial, Taylor Lee, Senior Analyst, Rystad Energy and Randy Ollenberger, Oil & Gas Producer Analyst, BMO Capital Markets.
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“Enserva has been a strong advocate for responsible Canadian energy development for more than 40 years and we are pleased to continue offering the State of the Industry report, highlighting trends, insights and forecasts for the sector and our members,” said Gurpreet Lail, President and CEO, Enserva. “This year’s report shows steady demand and reinforces that Canadian industry remains a leader on the international stage.”
The report estimates future drilling activity in Canada and details historical activity levels. It presents the outlook of the industry from the end of 2024 to the end of 2025 based on the imminent opportunities and the emerging trends and dynamics that the industry must follow to move forward.
Key highlights from the Report include:
- Important investments in 2025: Capital spending for 2025 is forecast to exceed $40 billion – the highest level in a decade, marking a significant increase from 2021 levels.
- Stability in the Face of Challenges: Although the forecast is generally flat, the sector remains stable, with continued opportunities for additional infrastructure to export our natural resources.
- Sector Productivity Leadership: The upstream oil and gas sector is the result of productivity, in stark contrast to trends seen in other parts of the Canadian economy. This is a model for improving productivity throughout the country.
- Employment Growth: The sector experienced an increase in employment, especially in the service industry, with a significant increase from June 2023 to September 2024. This confirms the attractiveness of the sector as a place of employment.
- Add Reclamation Expenses: Investments in reclamation and abandonment continue to rise (not considering a more exceptional year in 2022), which reflects the industry’s strong commitment to environmental management and sustainable practices.
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With investments in carbon reduction technologies, geothermal, critical minerals and hydrogen infrastructure expected to increase in Western Canada, industry and especially service companies, are poised to take advantage of this emerging opportunity. Canadian industry will continue to lead the way in meeting our energy needs by leveraging our technical expertise in a diverse energy mix. As upstream companies signal their intention to invest significantly in decarbonization, Canada’s skilled workforce will play a key role in ensuring the successful integration of clean technologies while continuing to support traditional energy production.
The report also describes trends in drilling, fracking and pressure pumping, closures and reclamation, industry employment, the evolving energy mix and government policy in North America.
For more information and to learn more, visit www.enseva.ca.
About Enserva
Enserva is the voice of Canada’s energy services, supply and manufacturing sectors, and its vital workforce. For more than 40 years, we have championed and empowered Canadian energy. We never stop innovating and finding solutions to help Canadian energy thrive. We’re unlocking Canada’s energy to find a better energy future for all. Our members make the world a better place by reducing energy poverty, improving energy security, and creating economic growth and jobs.
In September 2022, the Canadian Petroleum Services Association changed to Enserva.
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Shauna MacDonald
Brookline Public Relations, Inc.
smacdonald@brooklinepr.com
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