Lithium Argentina picks Switzerland as another China-backed junior flees Canada
The company is seeking to redomicile to Switzerland following a corporate review and a new agreement with investor Ganfeng Lithium.
The Canadian Association of Energy Contractors (CAOEC), which represents 95 land drilling, offshore drilling and service rig member companies across the country, says its drilling forecast for 2025 is bright, but competitiveness concerns remain.
CAOEC anticipates the highest levels of drilling activity and associated jobs since 2015, with total wells drilled projected at 6,604 next year – an increase of 448 (7.3%) from 2024 (6,156). Total jobs expected is 41,800 – an increase of 2,720 (7%). The Association also projects a 7.3% increase in drilling operating days next year.
With increased pipeline capacity following the completion of the Trans Mountain Expansion (TMX) and LNG Canada projects, combined with the new US administration’s strong interest in securing more affordable energy, CAOEC believes Canada’s growth potential in oil and gas is only expected to increase.
But the Association also said policies like the oil and gas emissions cap and anti-greenwashing provisions in Bill C-59 have left Canada’s energy sector in a difficult position, weakening its investment climate and creating additional uncertainty at a time when affordability and global energy security are already under threat.
“The Trump administration will have profound implications for Canada’s economy as it adopts a pro-business agenda and seeks to expand the US energy sector,” CAOEC stated in a news release on Friday.
President and CEO Mark Scholz warned that unless Canada responds with its own pro-business and pro-development approach, Canadian families, particularly those who live in rural, remote, and Indigenous communities will be negatively impacted.
“Recent projects like LNG Canada and TMX, as well as the growth indicated in our 2025 Rig Forecast, have demonstrated that the energy sector not only helps sustain Canadian jobs but also strengthens our ability to support domestic and international consumers facing energy insecurity,” Scholz said.
The Association said it will continue to push for informed legislation that would allow Canada to strike a healthy balance between supporting a robust economy — preserving the jobs — and upholding environmental stewardship in the industry.
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