Market Size of Canada Oil and Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 1.80 % |
| Market Concentration | Medium |
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*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Canada Oil and Gas Market Analysis
The Canadian oil and gas market is expected to register a CAGR of more than 1.8% during the forecast period, 2022-2027. The outbreak of the COVID-19 had negatively impacted the market as lockdown restrictions imposed by the governments in the region reduced petroleum product consumption in the country. During the COVID-19 in Q1 of 2020, the country's oil production fell nearly 20% from its average last year of 5.5 million barrels per day (b/d). Also, the COVID-19 has caused the delay in the various projects across the region. For instance, on April 16, 2020, Pieridae Energy announced that the final investment decision (FID) for an estimated USD 16 billion Goldbro LNG Terminal in Nova Scotia would be delayed due to depressed global LNG markets and the COVID-19 pandemic. Factors such as increasing demand for oil and natural gas and rising foreign direct investment are expected to boost the Canadian oil and gas market during the forecast period. However, with the advent of reliable and cheaper renewable energy, more investment may not focus on the oil and gas industry.
- With the increase in oil and gas demand from end-user industries and increasing exports, the upstream sector is expected to dominate the market during the forecast period.
- Canada is experiencing high demand for transition fuels such as natural gas and LNG (transition fuels) instead of coal and oil. As a result, increased exploration and discoveries are being made, which could become an opportunity for many players and new entrants in the market.
- Upcoming oil and gas projects and increasing investments in the oil and gas sector are expected to boost the market's growth during the forecast period.
Canada Oil and Gas Industry Segmentation
The Canadian oil and gas market report includes:
Canada Oil and Gas Market Size Summary
The Canadian oil and gas industry is poised for growth, driven by increasing demand for oil and natural gas, alongside rising foreign direct investment. Despite the initial setbacks caused by the COVID-19 pandemic, which led to a significant drop in oil production and project delays, the market is expected to recover and expand. The upstream sector, particularly the exploration and production of transition fuels like natural gas and LNG, is anticipated to dominate the market. This shift is fueled by the growing preference for these fuels over coal and oil, presenting opportunities for both established players and new entrants. The country's substantial proved oil reserves and ongoing investments in hydrocarbon production further bolster the industry's prospects.
Canada's oil and gas market is characterized by a moderate level of fragmentation, with major players such as TotalEnergies SE, Shell PLC, ExxonMobil Corporation, Chevron Corporation, and Petroliam Nasional Berhad (PETRONAS) actively participating. The market is witnessing a surge in projects related to exploration, production, and refining, which are expected to significantly enhance the industry's capacity and output. Notable developments include the commencement of LNG exports from the west coast and the expansion of oil refining capacity. These advancements, coupled with strategic partnerships and investments, are set to drive the growth of Canada's oil and gas sector, positioning it as a key player in the global energy landscape.
Canada Oil and Gas Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Sector
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2.1.1 Upstream
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2.1.2 Midstream
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2.1.3 Downstream
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Canada Oil and Gas Market Size FAQs
What is the current Canada Oil and Gas Market size?
The Canada Oil and Gas Market is projected to register a CAGR of greater than 1.8% during the forecast period (2024-2029)
Who are the key players in Canada Oil and Gas Market?
Shell Plc, Exxonmobil Corporation, Cheveron Corporation, Total Energies SE and Petroliam Nasional Berhad (PETRONAS) are the major companies operating in the Canada Oil and Gas Market.
