(MENAFN– GlobeNewsWire – Nasdaq) Insights into the Canadian Market Economy and North America and the world energy sectors discussed during a panel of experts, organized by Enserva

CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Today, Enserva released its Fall 2024-2025 Status Report. industry Report (“the Report”), providing global trends, information and perspectives on the petroleum sector and gas And drilling services sector by 2025.

In addition to the report release, Enserva hosted presentations and a panel highlighting the report’s findings and what the industry can expect in the coming year. The panel was moderated by Gurpreet Lail, President and CEO of Enserva, and included Tyler Dahlseide, Chairman of the Board of Enserva and President of Ferus Inc., Mark Parsons, Vice President and Chief Economist of ‘ATB Financial, Taylor Lee, Senior Analyst, Rystad Energy and Randy Ollenberger, Oil and Gas Producer Analyst, BMO Capital Markets.

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

The report estimates future drilling activity in Canada and details historical activity levels. It presents the 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 is expected to act on in the future.

Key highlights of the report include:

Significant investment in 2025: Capital spending for 2025 is expected to exceed $40 billion – the highest level in a decade, marking a significant increase from 2021 levels.

Stability in the face of challenges: Despite an overall stable forecast, the sector has maintained stability, with continued opportunities for additional infrastructure to export our natural resources.

Industry-wide productivity leadership: The upstream oil and gas sector stands out for its productivity gains, contrasting sharply with trends observed in other parts of the Canadian economy. It serves as a model for improving productivity nationally.

Employment growth: The sector has seen a strong increase in employment, particularly in the services sector, with a notable increase between June 2023 and September 2024. This underlines the continued attractiveness of the sector as a place to work.

Increased reclamation expenses: Investments in reclamation and abandonment continue to increase (ignoring the outlier year of 2022), reflecting the industry’s strong commitment to environmental management and sustainable practices.

As investments in carbon reduction technologies, geothermal, critical minerals and hydrogen infrastructure are expected to increase in Western Canada, the industry, and specifically service companies, are poised to take advantage of these emerging opportunities. Canadian industry will continue to play a leadership role in meeting energy needs by leveraging its technical expertise in a diverse energy mix. As upstream companies signal their intent to significantly invest 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 describes trends in drilling, hydraulic fracturing and pressure pumping, closure and reclamation, industry employment, the changing energy mix and government policies across the ‘North America.

For more information and to learn more, visit .

About Enserva
Enserva is the voice of Canada’s energy services, supply and manufacturing sector and its vital workforce. For over 40 years, we have been defending and empowering Canadian energy. We never stop innovating and finding solutions to help Canada’s energy sector thrive. We are unleashing Canadian energy to find a better energy future for all. Our members help 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 renamed Enserva.

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