Canadian Oil, Natural Gas Job Recovery Said Unlikely Until 2022

Canadian oil and gas job losses will continue this year and take until 2022 to brighten, the industry’s workforce monitoring agency is reporting.

The contraction is prolonged by corporate takeovers and efficiency drives in response to low prices, the Covid-19 pandemic and environmental policies, according to the Calgary-based Petroleum Labor Market Information (PetroLMI).

“Industry is predicted to take a conservative investment approach,” said the PetroLMI report, Labor Market Outlook 2021 to 2023: Canada’s Oil and Gas Industry.

“Uncertainty remains about the impact of Covid-19 and how quickly energy demand will rebound,” researchers said. They factored in “production discipline” by the Organization of the Petroleum Exporting Countries and allies, Iranian...