The Canadian Association of Petroleum Producers is predicting a 22 percent increase in natural gas and oil investment this year nation-wide.
CAPP is expecting capital spending in the industry to grow by $6 billion to reach $32.8 billion total.
However, even with this increase, the offshore investment in Newfoundland and Labrador is expected to remain somewhat flat at $1.6 billion, compared to $1.5 billion last year.
CAPP President Tim McMillan says that is one area that Canada should address.
He says that when global pricing is as high as it is, they should be attracting investors, however that is not happening, especially in comparison to the county’s largest competitor with the fields in the Gulf of Mexico.
McMillan attributes this lack of interest to the policies and messaging the country is putting out.
He says the regulatory system is increasingly challenging, with major projects not materializing.
He also says Canada has been putting out a message that they are looking to get off oil and gas, while the rest of the world uses increasing amounts of it.