Early Signs of Revival Visible in Canadian Oil Sands Industry
Global energy investments are being affected by a combination of major issues affecting the global oil and gas markets. Most of the companies throughout the oil and gas supply chain are scaling back on their planned projects and investments. Significantly, the projects that are considered to have high risk and which require huge credits are the first to be delayed or shelved altogether. The financial crisis and the oil price collapse adversely affected many unconventional oil and gas projects by making production uneconomical. Consequently, a lot of the exploration and projects in the Canadian oil and gas sector were delayed or suspended. However, falling construction and operating costs and a recovery of the oil price in recent months is a positive sign for the oil and gas industry especially in Canada. The recovery in the prices, especially the crude oil prices has encouraged some companies to restart their stalled projects. However, sustained levels of crude oil and natural gas prices, a positive recovery of the global economy and thereby energy demand will be critical factors in order for these first signs of recovery to sustain in the long term.
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- Analysis of the market landscape in Canada
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