CALGARY, ALTA. — Recent findings from the Fall 2023 Energy Sector Survey highlight a prevailing sense of optimism within the Canadian energy industry.
The survey, conducted by ATB Capital Markets Inc. between Sept. 18 and Oct. 2 garnered insights from executives spanning a broad spectrum of the energy domain: 30 energy services companies, 26 exploration and production (E&P) firms, and 29 institutional investors.
According to the report, 88 per cent of E&P executives demonstrated a positive outlook for the sector, with anticipations of growth in the forthcoming year. This perspective was echoed by 60 per cent of energy service executives, who foresee heightened activity levels over the upcoming six months.
However, the survey also brought to light some concerns. Federal energy and environmental policies and regulations emerged as a primary concern, with 68 per cent of respondents identifying them as potential challenges to the sector’s mid-to-long-term future.
Additionally, 35 per cent ranked access to capital and its associated expenses among the top two industry risks.
On the flip side, the sector is not without its opportunities.
The West Coast LNG expansion is perceived by 61 per cent of those surveyed as a pivotal medium-to-long-term prospect.
The potential revival of a major oil pipeline project and innovations in carbon capture and sequestration also stand out as notable opportunities.
In terms of employment, the energy industry looks promising. Approximately 46 per cent of respondents stated energy firms anticipate a workforce expansion in the next six months. This positive trend is further supported by wage expectations, with 70 per cent predicting wage increments in the near future.