LAKELAND - The Canadian Association of Energy Contractors (CAOEC) is optimistic about industry growth in 2025, with a projected 7.3 per cent increase in wells drilled.
According to the 2025 Drilling Rig Forecast, 448 wells are projected to be drilled, bringing the total number to 6,604.
A total of 41,800 people are expected to be employed by the oil and gas industry in 2025, an increase of 2,720.
“Recent projects like LNG Canada and TMX as well as the growth indicated in our 2025 Rig Forecast, have demonstrated that the energy sector not only helps sustain Canadian jobs but also strengthens our ability to support domestic and international consumers facing energy insecurity,” said Mark Scholz, president and CEO of CAOEC.
According to the 2024 State of the Industry Report, increased pipeline capacity and the incoming Trump administration in the United States both contribute to the increase in growth potential for Canadian oil and gas.
A major challenge to the industry is the impact of Canada’s federal bill C-59, which targeted “greenwashing” by requiring both specific and general claims about environmental benefits to be substantiated by “internationally recognized methodology,” and levies significant monetary penalties for violations, according to the forecast.
“Promises by the Conservative Party of Canada under Leader Pierre Poilievre to abolish some of the most egregious Liberal policies and legislation, such as the greenwashing elements of Bill C-59 and the discriminatory oil and gas emissions cap, removing the consumer carbon tax, plus a commitment to regulatory reform, offer hope to industry,” said Pierre Alvarez, the vice-chair of Global Public Affairs.
He noted a federal election is required by the end of 2025 and feels the electorate has been increasingly focused on economic stressors.
