Oil companies are continuing to spend billions of dollars on Indigenous businesses.
According to the Canadian Association of Petroleum Producers, around $2.4 billion was spent on procurement from these organizations in 2019.
This is around 16 per cent more than in 2018 and 53 per cent higher than in 2017.
CAPP is also forecasting a 14 per cent increase in investment in 2021.
“The oil and natural gas industry is continuously working to enhance opportunities for reconciliation, including business partnerships that generate sustained economic, social, and community benefits for Indigenous communities through resource development,” said Tim McMillan, CAPP President and CEO.
The number of Indigenous suppliers has also grown from 263 in 2017 to 275 in 2019.
These businesses currently offer services for construction, catering, equipment services, transportation, environmental, drilling, engineering services, and retail among others.
“We look forward to the benefits a strong energy sector can generate not only for Indigenous communities and partners but for Canada’s economic recovery,” added McMillan.
CAPP also claims oil companies put around $64.2 million in Indigenous communities in 2019. This is roughly $23 million more than in 2017.
All the data collected by the organization came from companies that are responsible for more than 95 per cent of Canada’s oilsands production.
