Oilpatch production is expected to grow in 2023, but experts warn not to expect a return of the \u0027drill\u002Dbaby\u002Ddrill\u0027 approach. Read on
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“What we know is that in an economic downturn, oil demand falls,” Petursson said. “So I think are going to want to be a little more measured and not say ‘hey, oil prices are just going to trend higher — let’s go all in in 2023.’ ” In addition, the Trans Mountain pipeline expansion is expected to be complete by the end of the year, offering additional transportation capacity for oil companies and increasing the potential for export growth.
“I think it will nudge a little higher because of projects already in place,” he said. “But I don’t think you’re going to see the ‘drill, baby, drill’ mentality of decades ago.”Article content “If you take it net of inflation, I don’t think we’re seeing tremendous capital spend,” Reznick said. “Producers aren’t responding with historical types of responses, even though we’re seeing robust commodity fundamentals.”
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