Provincial Overviews

Alberta Monthly Crude Oil & NGLs Production

Alberta’s liquids production, which include crude oil, condensate and Natural Gas Liquids (NGLs) has more than doubled in the past 2 decades, driven by the shale boom in the late 2000’s and Oil Sands investments between 2005 and 2015. Greenfield Oil Sands facilities require significant capital outlay early in the life of the asset to build the infrastructure required to operate for decades into the future. The Oil Sands projects built between 2005 and 2015 are enabling the growth of production in Alberta, generating economic benefits during the construction phase and during the production-sustaining phase well after the facilities are built.

Alberta Marketable Gas Production

The surge of U.S. shale gas starting in 2008 led to a collapse in Canadian natural gas prices and a decline in production and exports. Some regions in Alberta regained competitiveness when shale gas was discovered, attracting capital investment and contributing to production growth again.

While marketable natural gas production in Alberta generally grew over the period 2018 to 2025 with growth particularly strong after 2020/21 (post Covid), this trend was punctuated by several events that disrupted production, e.g. Covid, forest fires of May 2023, and unplanned pipeline maintenance in May 2024. Such events are usually short-lived, however, and production will respond to underlying trends in demand. Strong production growth after 2021 reflects growing US demand for Alberta production as the US ramped up exports of LNG.

Alberta Oil Sands Production – Mined vs In Situ

Bitumen is a highly viscous hydrocarbon and sometimes referred to as extra heavy oil. Mined bitumen refers to surface mining of heavy oil in the Alberta oil sands. In situ refers to production of heavy oil produced from deeper depths with thermal recovery techniques such as Steam Assisted Gravity Drainage (SAGD) required to recover the bitumen.

Bitumen production in Canada has been increasing steadily, and in the post 2020 period this growth has largely been fueled by in situ production.

Alberta Hydrocarbon Production Types

The oil sands (i.e., bitumen and upgraded bitumen) have been the primary engine of hydrocarbon growth in Alberta since the 2000’s. Bitumen comprised the largest share of Alberta’s total hydrocarbon production in 2025 at 50%, followed by natural gas at 27% (on a barrel of oil equivalent basis). Natural Gas’s share of the total production has declined over this period due to supressed gas prices and growth in Oil Sands. The shale boom of 2010+ has helped natural gas economics in Alberta, supporting development of new resource to sustain production levels.

Alberta Condensate Production

Shale plays primarily produce condensates and pentanes plus as byproducts of natural gas extraction, and their output has increased alongside the growth of shale gas and oil production. These light liquids have become economically significant, with condensate revenues helping improve the viability of Canadian shale gas projects. Additionally, condensates and pentanes plus serve important roles as diluents for Canada’s oil sands, among other industrial applications.

Alberta Gross Domestic Product (GDP)

The oil and gas industry is the largest contributor to Alberta’s economy, accounting for approximately 25% of the province’s total GDP. GDP from Alberta’s oil and gas industry has generally increased since 2007, although periods of decline occurred following the global financial crisis in 2008, in 2015 amid lower oil prices, and in 2020 due to the impacts of COVID-19. Growth in oil sands production, rising export volumes, and advances in resource development have supported the industry’s growing economic contributions.

Alberta vs Canadian Oil & Gas Capital Expenditures

Alberta’s upstream oil and gas capital expenditures (CAPEX) reached over $31 billion in 2024, accounting for 73% of Canada’s upstream CAPEX. From 2005–2014, CAPEX surged due to greenfield Oil Sands development, which slowed post-2014 due to policy uncertainty and a generally weak price environment. Investment growth in recent years reflects activity to grow production mainly through existing facilities, often referred to as brownfield development. Capital efficiency and discipline is translating relatively lower capital investment post-2015 into meaningful production growth.

Alberta Jobs

The oil and gas industry is a major employer for the Alberta economy. In 2024, the sector industry accounted for over 200,000 direct jobs, equating to 8% of the province’s total jobs. Direct jobs in the oil and gas industry in Alberta peaked in 2013 at roughly 312,000 (14% of all direct jobs), at the height of the greenfield Oil Sands development, and have slowed down since as a results of lower price environment, Covid-19, and regulatory uncertainty to support growth.

Alberta Royalties

Oil and gas royalties are payments made by operators to the owners of the resource, which in the vast majority of cases in Canada are the provinces, who have ownership of the mineral rights. Royalties are paid as a share of production revenue and royalty rates vary with the level of prices as well as production. Many royalty formulas provide for a greater share of royalty payments as prices rise.

In the case of Alberta, oil and gas royalites declined sharply in 2015 because of a drop in oil prices. In response to the Covid-19 pandemic in 2020, oil prices and production volumes dropped, causing lower royalties. In 2022, the Russia-Ukraine war caused oil prices to jump, subsequently increasing the amount of royalties paid to the government.

Alberta Industry Revenues

Total revenue from oil and gas production in Alberta was $149B in 2024, with Oil sands (i.e., bitumen) accounting for the largest share at 72% ($107 B), and conventional oil and natural gas making up the balance at 25% ($37 B) and 3% ($5 B), respectively. From 2000 to 2024, total hydrocarbon revenue in Alberta has grown by approximately 8% per year, on average. Oil and gas revenue is highly influenced by both production amount and commodity prices, resulting in large swings over time. The downturns of 2015-2017 and 2020 resulted in low commodity price environments as well as production curtailment which yielded lower revenues, whereas the Covid-19 rebound in 2022 resulted in higher prices and record revenues.

British Columbia Production

In 2025, B.C.’s total oil and gas production averaged approximately 1.5 MMBOE/d, up over 160% (+0.9 MMBOE/d) from 2010 levels, largely driven by natural gas growth in the Montney. B.C. is the second-largest producer of natural gas in Canada, behind Alberta. In 2025, natural gas accounted for over 80% of B.C.’s total hydrocarbon volumes, with condensates and pentanes plus and Natural Gas Liquids (NGLs) accounting for the balance of total hydrocarbon production in 2025 at 9% and 7%, respectively. These are byproducts of natural gas production and are localized in specific regions of the Montney play. The boom of unconventional resource development of the early 2010’s resulted in exponential growth in the province’s total production, and continues to drive production as natural gas egress through LNG exports expands the commodity markets.

British Columbia Condensate Production

Shale plays primarily produce condensates and pentanes plus as byproducts of natural gas extraction, and their output has increased alongside the growth of shale gas and oil production. These light liquids have become economically significant, with condensate revenues helping improve the viability of Canadian shale gas projects. Additionally, condensates and pentanes plus serve important roles as diluents for Canada’s oil sands, among other industrial applications.

British Columbia Gross Domestic Product (GDP)

Since 2016, the oil and gas industry has become a larger contributor to B.C.’s economy, accounting for roughly $14 billion of GDP in 2024, equivalent to 4% of the province’s total GDP, and 20% of GDP from all goods-producing industries. Between 2016-2024, GDP from the oil and gas industry in B.C. more than doubled, due to LNG development, specifically, the oil and gas engineering construction sub-industry. For context, this sub-industry accounted for $6 billion of GDP in 2024, accounting for over 40% of the industry’s GDP. GDP from the oil and gas industry in B.C. should increase in the years ahead as the province continues to develop LNG export facilities, in turn driving further upstream development.

British Columbia Jobs

In 2024, the oil and gas industry accounted for roughly 68,000 direct jobs, equating to 2.3% of the province’s total jobs. Direct jobs in the oil and gas industry in B.C. peaked in 2023 at roughly 72,000 (2.5% of all direct jobs), the bulk of these jobs being in the engineering construction sub-industry, associated with the development of major projects such as LNG Canada and the Coastal GasLink pipeline. Oil and Gas jobs are some of the highest paying jobs in the province; for instance, average compensation per job in the oil and gas extraction sub-industry in B.C. in 2024 was $189,000, compared to the provincial average, across all industries, of $77,000.

British Columbia Oil & Gas Industry Revenues

Total revenue from oil and gas production in BC was $9.8B in 2024, with Oil & natural gas liquids (NGLs) accounting for almost two thirds ($6.3 B), and natural gas making up the balance ($3.5 B) despite making up 80% of hydrocarbon production by volume. Oil and natural gas byproducts such as NGLs and condensates and pentanes plus have a higher energy density than natural gas; therefore, these products are generally more valuable on a per-unit basis. Furthermore, due to insufficient egress capacity for natural gas out of western Canada, major Canadian natural gas benchmarks (AECO in Alberta and Station 2 in BC) have traded at a significant discount to U.S. benchmarks. Increasing LNG exports out of western Canada should alleviate these egress constraints, allowing Canadian natural gas producers to receive a more competitive price for their molecules.

British Columbia Upstream Oil & Gas Capital Expenditures

Capital expenditures (CAPEX) in B.C.’s upstream oil and gas industry totaled approximately $5.4 billion in 2024, up +16% from $4.7 billion in 2023. This represented approximately 13% of the industry’s nation-wide upstream spend in 2024. CAPEX peaked in 2008 at nearly $8 billion, as AECO natural gas price averaged ~C$8/GJ, more than 4× the 2025 YTD average price. That capital influx was related to land rights, seismic, and infrastructure activities as companies looked to develop B.C.’s unconventional gas resource (i.e., Horn River, Montney, Cordova Embayment). Capital efficiency and technological advancements in developing unconventional resources have made it possible to produce more with less spending, resulting in lower capital investments over time while production continued growing. B.C. currently produces roughly 3× more Oil and Natural Gas than in 2008, at 70% less capital.

British Columbia Oil & Gas Royalties

The B.C. government collects royalties and other revenue on oil and gas resources that are owned by the Crown and levies a tax on freehold production. Cumulatively, over $24 billion in royalties has been paid by the oil and gas industry in B.C. since 1950. The province’s royalty revenue is dependent on domestic natural gas prices, with higher prices resulting in higher royalty payments. Oil and gas royalties peaked at over $2 billion in 2022, driven by strong natural gas prices during the period following Russia’s invasion of Ukraine. Increasing LNG exports out of western Canada should translate to improved natural gas prices and consequently higher royalties for governments.

LNG Canada Exports

The first cargo from LNG Canada was successfully loaded on June 30, 2025. The vessel, GasLog Glasgow, transported approximately 3.6 Bcf of LNG to South Korea. Since the inaugural shipment, the facility has been steadily ramping towards its nameplate export capacity of 1.84 Bcf/d. Based on the latest available data from the Canada Energy Regulator, LNG Canada exported approximately 1.1 Bcf/d in January 2026, which represents 11 total shipments during the month, as the facility continues its ramp-up to reach the full capacity.

LNG Canada Exports by Destination

The start-up of LNG Canada in June 2025 marked Canada’s entrance into the global LNG market, expanding the country’s export market beyond the U.S. To date, South Korea, Japan, China, and Taiwan have been export markets for LNG Canada. Most of the exports have landed in South Korea (59.3 Bcf; 41% of all exports), followed by Japan (38.2 Bcf; 27% total), China (35.2 Bcf; 25% total), and Taiwan (10.6 Bcf; 7% total). Due to the lack of domestic supply of natural gas, demand for LNG in these Asian markets is high and garners high prices. Exporting LNG from BC supplies regions that need the product whilst also growing BC’s and Canada’s economy through higher revenues and royalties.

Saskatchewan Hydrocarbon Production Types

This figure presents hydrocarbon production in Saskatchewan by product type. By showing the relative contribution of crude oil, natural gas, and associated liquids, the series provides a concise view of the province’s overall production mix.

The chart indicates that crude oil accounts for the largest share of total production across the series, while natural gas and associated liquids represent a smaller portion of the hydrocarbon base. Compared with the financial indicators in the document, production appears relatively stable over time, with only modest variation around broader periods of market disruption, including the downturn beginning in 2015 and the disruption around 2020.

Saskatchewan Marketable Gas Production

This figure presents marketable natural gas production in Saskatchewan. Marketable production refers to gas that is available for sale after processing, making the series a useful indicator of commercially usable output and broader sector activity.

The chart suggests a long-term decline in production, followed by relative stabilization at lower levels. The downward trend appears more pronounced around the COVID-19 period, consistent with weaker demand, lower prices, and reduced investment. Unlike some of the financial indicators in the document, the series does not show a sharp rebound, instead indicating a more gradual adjustment over time.

Overall, the figure indicates that Saskatchewan’s natural gas sector remains active but operates at a lower production base than in earlier years shown in the series. The pattern is consistent with a mature production profile in which gains appear more limited and changes in output are more incremental than cyclical.

Saskatchewan Oil & Gas Exports by Value

This figure presents the value of Saskatchewan’s oil and gas exports, measured in billions of dollars. As an indicator of the sector’s trade performance, the series reflects both the volume of energy products sold to external markets and the prices received for those products.

The chart shows a marked decline beginning around 2015, consistent with the mid-2010s oil price downturn that reduced the value of energy exports across producing jurisdictions. A second, shorter-lived drop is visible around 2020 during the COVID-19 demand shock, when lower fuel consumption and weaker trade activity affected export values. The series then rebounds strongly before easing from its recent high.

Saskatchewan Gross Domestic Product (GDP)

This figure presents the contribution of the oil and gas sector to Saskatchewan’s gross domestic product. Because the measure reflects value-added activity, the series provides an indication of the sector’s role in overall provincial economic output.

The chart shows a clear decline beginning around 2015, consistent with the mid-2010s oil price downturn that reduced the sector’s economic contribution during that period. Another drop is visible around 2020 during the COVID-19 disruption, when weaker demand and lower prices affected activity. The series then shows a recovery as market conditions improved, though some year-to-year variation remains visible.

Overall, the figure indicates that oil and gas continues to make a meaningful contribution to Saskatchewan’s economy despite cyclical swings. The pattern also shows that changes in energy market conditions can have broader implications for provincial output and business activity beyond the sector itself.

Saskatchewan Jobs

This figure presents employment in Saskatchewan’s oil and gas sector. As an indicator of labour demand, the series reflects changes in sector activity, capital spending, and the need for both core industry and related service work.

The chart suggests that employment declines notably following the mid-2010s oil price downturn, when weaker investment and reduced activity likely lowered demand for workers across the sector. A further disruption is visible around 2020 during the COVID-19 period, when weaker market conditions added additional pressure. The series then shows a recovery, though the rebound appears more gradual than the recovery seen in some financial indicators.

Overall, the figure indicates that employment has recovered only partially from earlier declines and remains below previous highs shown in the series. The pattern is consistent with a labour market adjustment that has been more gradual than changes in prices or revenues alone would suggest.

Saskatchewan Oil & Gas Industry Revenues

This figure presents total oil and gas revenues in Saskatchewan, measured in billions of dollars on an annual basis. Because revenues reflect both commodity prices and production volumes, the data provide a broad indicator of the sector’s market value and overall economic scale.

The chart shows a pronounced decline beginning around 2015, consistent with the mid-2010s oil price downturn that reduced industry revenues across Western Canada. A second drop appears around 2020 during the COVID-19 demand shock, when weaker consumption and lower prices placed additional pressure on receipts. Revenues then rose strongly before moderating from recent highs.

Overall, the figure indicates that total oil and gas revenues remain elevated relative to downturn lows despite recent easing. This pattern underscores the sector’s continued economic significance to Saskatchewan while also illustrating how closely revenues remain tied to broader energy market cycles.

Saskatchewan Oil & Gas Capital Expenditures

This figure presents upstream capital expenditures in Saskatchewan’s oil and gas sector. Capital spending reflects planned investment in drilling and development and serves as a useful indicator of producer activity and confidence.

The chart shows a significant decline beginning around 2015, consistent with the mid-2010s oil price downturn that reduced cash flow and investment activity. A second drop is visible around 2020 during the COVID-19 period, when uncertainty and weaker demand affected spending. More recent data show a partial recovery, but investment remains below earlier peak levels in the series.

Overall, the figure indicates that upstream investment has recovered only partially from earlier downturns. The pattern is consistent with a more restrained spending environment in which capital allocation appears more selective than in earlier periods shown in the chart.

Saskatchewan Oil and Gas Royalities

This figure presents oil and gas royalty revenues in Saskatchewan. Because royalties are influenced by commodity prices, production volumes, and the provincial royalty framework, the series provides a useful indicator of how resource development translates into public revenues.

The chart shows a clear decline beginning around 2015, consistent with the mid-2010s oil price downturn that reduced sector revenues across Western Canada. A second drop appears around 2020 during the COVID-19 disruption, when weaker demand and lower prices affected royalty receipts. Revenues rose again before moderating from recent highs.

Overall, the figure indicates that royalty revenues remain above downturn lows despite recent easing. This pattern highlights the sector’s importance to provincial finances while also showing that public revenues linked to oil and gas remain cyclical and sensitive to market conditions.

Newfoundland & Labor Oil Production

This figure presents offshore oil production in Newfoundland and Labrador from 2012 to 2026 (YTD), measured in total annual production volumes. The chart reflects output from major offshore projects, providing an overview of production trends over time.

Production increases through the mid-2010s, followed by fluctuations associated with both market conditions and project-level dynamics. A decline is observed around 2020, consistent with the COVID-19 demand shock and associated operational impacts. Production recovers in subsequent years, though with continued variability across the period.

The series shows that production does not return to earlier peak levels and remains subject to fluctuations in recent years. The pattern suggests that output is influenced by a combination of maintenance cycles, project timing, and broader market conditions. Overall, the data indicate a stable but variable production profile, with recent levels below earlier highs and reflecting a more moderate production environment.

Newfoundland & Labrador Offshore Expenditures

This figure presents offshore drilling activity in Newfoundland and Labrador from 2012 to 2026 (year-to-date), measured by the number of wells drilled across exploration, development, and production categories. The chart provides an overview of drilling trends and activity levels over time.

Drilling activity increases through the mid-2010s, particularly in development and production wells, before declining after 2015, consistent with the oil price downturn. A further reduction is observed around 2020, aligned with the COVID-19 demand shock. Activity remains relatively low through the early 2020s, with some increases in recent years.

In the most recent data, drilling activity is partially recovering but remains below earlier peak levels. Development and production wells account for the majority of activity, while exploration drilling remains limited. Overall, the series indicates a lower but stabilizing level of offshore drilling compared to the mid-2010s.

Newfoundland & Labrador Oil Exports by Value

This figure presents the value of Newfoundland and Labrador’s oil exports from 2012 to 2025, measured in billions of dollars. The series reflects total export revenues from offshore crude oil production, influenced by both global oil prices and export volumes.

Export values increase through the early to mid-2010s, followed by a decline beginning around 2015, consistent with the global oil price downturn. A sharp reduction is observed in 2020, aligned with the COVID-19 demand shock. Values recover in subsequent years, with a notable increase in recent periods reflecting stronger market conditions.

Recent export values approach or exceed earlier peaks, depending on the year, though variability remains across the series. The data indicate that export value fluctuates more significantly than volume-based measures, reflecting changes in global pricing conditions. Overall, the series suggests a recovery in export revenues following recent lows, while remaining sensitive to movements in international oil markets.

Value of Newfoundland and Labrador Energy Exports by SubCategory

This figure presents the value of Newfoundland and Labrador’s energy exports by subcategory for 2025, measured in billions of dollars. The chart breaks down total export value into crude oil and crude bitumen, refined petroleum products, electricity, and other non-fuel exports, illustrating the relative contribution of each component.

Crude oil and crude bitumen account for the largest share of export value in the most recent year, with other non-fuel exports also contributing a notable portion. Refined petroleum products and electricity represent smaller shares of total export value. This distribution reflects the composition of the province’s energy-related exports.

The current breakdown indicates that export value is primarily driven by crude oil. While other categories contribute to overall export earnings, their shares remain comparatively smaller. Overall, the data highlight the dominant role of crude oil within the province’s energy export profile in the most recent year.

Newfoundland & Labrador Crude Oil Exports by Destination

This figure presents Newfoundland and Labrador’s crude oil export volumes by destination from 2012 to 2026 (year-to-date), measured in annual export volumes. The chart shows the distribution of exports across key markets including the United States, United Kingdom, Netherlands, Germany, and Spain, providing insight into both total export levels and changes in destination over time.

Export volumes generally increase through the mid-2010s, followed by a period of variability and a peak around 2019–2020. A notable decline is observed in 2020–2021, consistent with the COVID-19 demand shock. Earlier fluctuations around 2015–2016 align with the global oil price downturn. Across the period, the United States remains the primary export destination, with European markets contributing varying shares over time.

In recent years, exports show continued variability, with shifting contributions across destinations. Current levels remain below peak volumes observed prior to the pandemic. Overall, the data indicate a partial recovery in export volumes, with the United States continuing to represent the largest share of offshore crude shipments.

Newfoundland & Labrador Gross Domestic Product (GDP)

This figure presents employment levels associated with offshore oil and gas activity in Newfoundland and Labrador from 2012 to 2024, measured in total jobs. The series captures labour demand linked to exploration, development, and production activities in the offshore sector.

Employment levels increase through the early part of the period, followed by a decline beginning around 2015, consistent with the oil price downturn and reduced capital investment. A further decrease is observed in 2020, aligned with the COVID-19 demand shock, which affected project activity and operational levels across the sector. Employment shows gradual recovery in subsequent years, though with some year-to-year variation.

Recent levels remain below earlier peaks, indicating a partial recovery in offshore labour demand. The pattern suggests that employment trends broadly track investment and production activity in the sector. Overall, the series reflects a cyclical labour profile, with current employment levels pointing to a more moderate level of activity relative to the mid-2010s.

Newfoundland & Labrador Jobs

This figure presents oil royalty revenues in Newfoundland and Labrador from 2010 to 2024, measured in billions of dollars. The series reflects government revenues derived from offshore oil production, which are influenced by both production volumes and global oil prices.

Royalty revenues increase through the early to mid-2010s, followed by a decline beginning around 2015, consistent with the global oil price downturn. A further and more pronounced drop is observed in 2020, aligned with the COVID-19 demand shock and associated reductions in oil prices and production activity. Following this period, revenues recover gradually, though with continued variability across recent years.

Current levels remain below the earlier peak observed prior to 2015. The pattern indicates that royalty revenues are closely aligned with broader market conditions and production trends. Overall, the series suggests a recovery from recent lows, while remaining sensitive to fluctuations in global oil markets and offshore production performance.

Nova Scotia Natural Gas Production

This figure presents natural gas production in Nova Scotia from 2012 to 2024, measured in total annual production volumes. The series reflects output from offshore natural gas developments, providing an overview of production trends over time.

Production levels decline steadily across the period, with a more pronounced drop beginning in the mid-2010s. This trend aligns broadly with the oil and gas price downturn starting in 2015, which contributed to reduced activity and investment. A further decline is observed around 2020, consistent with the COVID-19 demand shock, although production had already been trending downward prior to that period.

In recent years, production levels approach minimal levels relative to earlier years in the series. The data indicate a sustained downward trend with limited recovery following recent market disruptions. Overall, the series suggests a contraction in offshore natural gas production in Nova Scotia over time, with current levels significantly below those observed at the beginning of the period.

Atlantic Canada Crude Oil Imports

This figure presents Canadian offshore oil imports by source country from 2012 to 2024, measured in annual volumes. The chart shows the relative contributions of key suppliers, including the United States, Saudi Arabia, Norway, Nigeria, and other sources, providing insight into changes in import patterns over time.

Import volumes vary across the period, with a broad decline observed through the mid- to late-2010s, followed by increased variability in more recent years. The series reflects both the oil price downturn beginning in 2015 and the COVID-19 demand shock in 2020, which are associated with reduced refinery demand and shifting trade flows. The United States remains a significant and consistent supplier, with contributions from other countries fluctuating over time.

More recent data indicate continued variability in import volumes and source composition. The pattern suggests that offshore import requirements are influenced by a combination of domestic production levels and refinery demand. Overall, the series reflects a mixed import profile, with both stable and shifting supplier contributions over time.

Atlantic Canada LNG Imports

This figure presents an overview of liquefied natural gas (LNG) export potential in Newfoundland and Labrador, including project-level capacity estimates and development status where applicable. The chart highlights potential export volumes and the relative scale of proposed or developing LNG infrastructure in the province.

The data illustrate that LNG export activity remains at an early or developing stage relative to established offshore oil production. Capacity estimates are concentrated within a limited number of proposed projects, indicating the potential for future expansion in natural gas export infrastructure. Unlike the oil production series, there is no long historical trend, reflecting the emerging nature of LNG development in the province.

The current profile suggests that LNG represents a potential area of growth rather than an established contributor to the province’s energy exports. The pattern indicates that future development is likely dependent on a combination of market conditions, project advancement, and infrastructure investment. At present, LNG activity remains limited relative to offshore oil production.

Canadian Offshore & Gas Capital Expenditures (CAPEX)

This figure presents annual capital expenditures (CAPEX) in Canadian offshore oil and gas from 2010 to 2024, measured in billions of dollars. The chart distinguishes between spending in Newfoundland and Labrador and Nova Scotia, illustrating investment trends across offshore regions.

Investment rises through the early to mid-2010s, reaching peak levels around 2014–2016. A sustained decline follows, consistent with the global oil price downturn beginning in 2015. Capital spending remains relatively low through the late 2010s and declines further around 2020, in line with the COVID-19 demand shock. A gradual increase is observed in the years following 2020.

Recent CAPEX levels remain below earlier peaks, though the series shows signs of recovery. Newfoundland and Labrador accounts for the majority of offshore investment throughout the period, while Nova Scotia represents a smaller share. Overall, the data indicate a cyclical investment pattern, with current levels reflecting a moderate recovery relative to earlier years.