The Canadian Energy Companies Association shows optimism for 2023

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The Canadian Association of Energy Companies shows optimism for 2023

CAOEC hopes OPEC discipline and some toughness on crude prices will help prevent a possible recession in the industry in 2023.

The Canadian Association of Energy Companies (CAOEC) has an optimistic outlook for drilling activity in 2023.

The organization forecasts an increase of 827 wells next year, for a total of 6,409 wells, compared to 5,582 in 2022.

It also expects an increase in the number of operating days and the creation of 5,437 direct and indirect jobs in the sector in 2023.

“The energy future depends on our workforce.

— Mark Scholz, President and CEO, CAOEC

After several years of low activity levels, hiring and retaining the workforce remains a challenge for the energy industry, said Mark Scholz, president and CEO of the CAOEC in a statement.

CAOEC, however, expects more people to join the industry as it offers competitive career opportunities for youth, Indigenous communities and newcomers.

Mark Scholz says 2022 has proven to be an exciting year for Canada's energy services sector following a seven-year downturn in the industry.

In 2023, we plan to drive the industry forward as the energy transformation begins, he adds

Canada is renowned for its environmental, social and governance standards (ESG), and many countries around the world are calling for more Canadian energy, he said.

Completion of the grid expansion project from Trans Mountain in 2023, a pipeline that will supply the market with an additional 590,000 barrels per day, according to the CAOEC, is expected to generate favorable market conditions.

Also expected, by the end of 2023, that the last equipment is installed for the Coastal GasLink, a project that will safely transport natural gas to the first installation of export of liquefied natural gas to the country: LNG Canada, says Mark Scholz.

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