Investment in Alberta’s oilpatch is expected to be about a third lower than the previous year, according to the Canadian Association of Petroleum Producers.
With oil prices sitting stubbornly below the 50 dollar a barrel mark the industry is only expected to spend about $46 billion in 2015, compared to 2014’s $69 billion investment.
CAPP is still forecasting western Canada to produce more oil this year than in 2014, but forecasts for 2015 and 2016 have dropped.