Enserva’s 2024-2025 Fall State of the Industry Report forecasts oil and gas prices and demand to remain steady

Insights on the Canadian economy and the North American and global energy sectors discussed during expert panel, hosted by Enserva

CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Today, Enserva released its Fall 2024-2025 State of the Industry Report (the “Report”), providing trends, insights and an overall outlook for the oil and gas and drilling services sector moving into 2025.

In addition to the release of the report, Enserva hosted presentations and an expert panel highlighting findings in the Report and what the sector can expect in the coming year. The panel was hosted by Gurpreet Lail, President and CEO, Enserva, and featured Tyler Dahlseide, Enserva Board Chair and President, Ferus Inc., Mark Parsons, Vice President and Chief Economist, ATB Financial, Taylor Lee, Senior Analyst, Rystad Energy and Randy Ollenberger, Oil & Gas Producers Analyst, BMO Capital Markets.

“Enserva has been a strong advocate for the responsible development of Canadian energy for over 40 years and we are pleased to continue offering our State of the Industry report, highlighting trends, insights and predictions for our sector and members,” says Gurpreet Lail, President and CEO, Enserva. “This year’s report demonstrates steady demand and reinforces that the Canadian industry remains a leader on the international stage.”

The Report estimates upcoming drilling activity in Canada and details historic activity levels. It presents an industry outlook from the end of 2024 to the end of 2025 based on near-term opportunities and emerging trends and dynamics that the industry should act on moving forward.

Key highlights of the Report include:

• Significant investment in 2025: Capital expenditure for 2025 is forecasted to exceed $40 billion – the highest level in a decade, marking a significant increase from 2021 levels.
• Stability in the Face of Challenges: Despite a largely flat forecast, the sector has maintained stability, with continued opportunities for additional infrastructure to export our natural resources.
• Sector-Wide Productivity Leadership: The upstream oil and gas sector stands out for its productivity gains, a sharp contrast to trends seen in other parts of the Canadian economy. It serves as a model for productivity improvements nationwide.
• Employment Growth: The sector has seen a surge in employment, particularly in the services industry, with a notable increase from June 2023 to September 2024. This underscores the sector’s continued attractiveness as a place to work.
• Increased Spending on Reclamation: Investments in reclamation and abandonment are continuing to track upwards (not considering outlier year in 2022), reflecting the industry’s strong commitment to environmental stewardship and sustainable practices.

With investments in carbon reduction technologies, geothermal, critical minerals and hydrogen infrastructure expected to increase across Western Canada, the industry and specifically service companies, are poised to take advantage of these emerging opportunities. Canada’s industry will continue to lead in meeting energy needs by leveraging its technical expertise across a diversified energy mix. As upstream companies signal their intent to invest substantially in decarbonization, Canada’s skilled workforce will play a critical role in ensuring the successful integration of clean technologies while continuing to support traditional energy production.

The Report also outlines trends in drilling, fracking and pressure pumping, closure and reclamation, industry employment, the evolving energy mix and government policies across North America.

For more information and to learn more, visit www.enserva.ca.

About Enserva
Enserva is the voice of the Canadian energy services, supply and manufacturing sector, and its vital workforce. For over 40 years we have championed and empowered Canadian energy. We never stop innovating and finding solutions to help Canadian energy thrive. We unlock Canadian energy to find a better energy future for all. Our members make the world a better place by reducing energy poverty, increasing energy security, and creating economic growth and jobs.

In September 2022, the Petroleum Services Association of Canada was rebranded as Enserva.

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