CALGARY - Canadian energy producers remain cautiously optimistic for a recovery that would set the stage for increased development spending later this year, including a revival of stalled oilsands projects, according to a pair of reports by PricewaterhouseCoopers and American bond rating agency Moody`s.
Moody`s said oilsands will prosper, "but at a more measured pace," while PricewaterhouseCoopers said 70 per cent of oil executives are expecting a commodity price rebound by the end of the year.
"At the midway mark of 2009, while gas prices continue to languish, many believe natural gas fundamentals point to a recovery in 2010, which will lead to improved drilling activity levels," said John Williamson, PricewaterhouseCoopers`Canadian energy leader.
"Crude oil prices have already rebounded from yearend 2008 levels."
Likewise, Terry Marshall, Moody`s senior credit officer, expects a more robust oilsands sector once the recession eases.
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Moody`s said oilsands will prosper, "but at a more measured pace," while PricewaterhouseCoopers said 70 per cent of oil executives are expecting a commodity price rebound by the end of the year.
"At the midway mark of 2009, while gas prices continue to languish, many believe natural gas fundamentals point to a recovery in 2010, which will lead to improved drilling activity levels," said John Williamson, PricewaterhouseCoopers`Canadian energy leader.
"Crude oil prices have already rebounded from yearend 2008 levels."
Likewise, Terry Marshall, Moody`s senior credit officer, expects a more robust oilsands sector once the recession eases.
Read the full article here.