January 30, 2020 / 3:45 PM / 6 months ago

Canadian energy industry to boost spending after six-year slide: industry group

FILE PHOTO: Suncor Energy facility is seen in Sherwood Park, Alberta, Canada August 21, 2019. REUTERS/Candace Elliott

WINNIPEG, Manitoba (Reuters) - Capital spending by Canada’s oil and gas industry will rise by 6%, or C$1.9 billion, in 2020 from the previous year, halting a six-year decline due to improving economics, the Canadian Association of Petroleum Producers (CAPP) said in a forecast on Thursday.

CAPP said the Alberta government’s corporate tax cut last year and its easing of oil production limits will lead to higher spending. Spending is also set to rise in neighboring Saskatchewan province, which recently set a 10-year goal to boost production, CAPP said.

Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Chizu Nomiyama

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