September 24, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Canada's Oil & Gas Production Industry is poised for extensive development in the coming years, as rising demand for fossil fuel-based energy is spurring project proposals in the oil sands and other typically busy regions, including a long-gestating liquefied natural gas (LNG) processing and export complex on the western coast.

Industrial Info is tracking about US$16 billion worth of capital-spending projects in Canada's Oil & Gas Production Industry that are set to begin construction in the fourth quarter, the bulk of which are in eastern Alberta. The U.S. Energy Information Administration (EIA) recently predicted North America's LNG export capacity would more than double between 2024 and 2028, if projects nearing or under construction begin operations as planned. Although most of the new capacity will come from U.S.-based projects, about 2.5 billion cubic feet per day (Bcf/d) of the 13 Bcf/d increase is expected to come from Canada. Companies featured: Pacific Oil & Gas Limited, BP plc (NYSE:BP), Cenovus Energy Incorporated (NYSE:CVE) and MEG Energy Corporation