Canada’s oil and gas industry recovery will take two years, analysts say
Oil pumpjack, Alberta. Stock image.
Oil prices may have recovered to pre-pandemic levels, but for Canada’s oil and gas industry, recovering from what was arguably the worst year in its history is going to take a couple of years, analysts say.
The International Energy Agency (IEA) estimates global demand for petroleum products won’t be back to pre-pandemic levels until 2023 and may never return to “normal.”
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By then, Alberta oil producers should have a new outlet for their product through Vancouver and the Trans Mountain pipeline expansion, which has a scheduled in-service date of December 2022. Two or three years later, the LNG Canada plant in Kitimat is expected to begin shipping its first liquefied natural gas (LNG) exports.