Oil Drilling & Gas Extraction in Canada - Industry Market Research Report

Drilled down: Continued extraction from offshore locations and oil sands will constrain industry revenue declines

Oil Drilling and Gas Extraction in Canada have grown tremendously, resulting from rising prices and additional investment in production. Oil and gas companies suffered significantly in 2020 amid the pandemic as prices drastically fell amid lockdowns. As the economy reopened, the need for oil and gas became apparent and prices skyrocketed, bolstering revenue. Overall, revenue is expected to grow at a CAGR of 7.4% to $173.5 billion over the five years to 2023, despite a decline of 22.2% in 2023 alone. Profit has also fluctuated. Many companies endured below zero profits before it rose after the pandemic. Companies in the Canadian Oil Drilling and Gas Extraction industry operate and develop oil and gas field properties. Activities include the exploration and production of crude petroleum, the mining and extraction of oil from oil shale and oil sands, the exploration and production of natural gas, sulphur recovery from natural gas and recovery of hydrocarbon liquids. Companies may operate oil and gas wells on their own account or for others on a contract or fee basis. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.