The Canada Oil and Gas Market Report is Segmented by Sector (Upstream, Midstream, and Downstream), Location (Onshore and Offshore), and Service (Construction, Maintenance and Turn-Around, and Decommissioning). The Market Sizes and Forecasts are Provided in Terms of Value (USD).

In September 2025, the average monthly price of the Canadian oil benchmark Western Canadian Select amounted to ******U.S. dollars per barrel. This was a slight decrease compared to the previous month. Western Canadian Select is a heavy sour blend of crude oil, produced exclusively in Western Canada. The importance of Canada’s oil sands Not only are the oil sands a vital part of the Canadian energy industry, they play a large part in the national economy as well. In 2024, the oil sands extraction industry contributed nearly 40 billion Canadian dollars to Canada's GDP. This represented a share of **** percent of the total GDP. Furthermore, they are the largest single source of oil exports to their neighbors to the south, the United States. Oil sands are a combination of sand, water, and bitumen, and therefore a more expensive source of crude oil than conventional oil as oil sands require extensive processing. Meanwhile, that same year the contribution of conventional crude oil and gas extraction stood at **** billion Canadian dollars, which translated to **** percent of total GDP. Canada’s main oil export partner remains the U.S. In 2024, Canada’s oil exports amounted to over *** million barrels per day. This was a historical high and represented more than twice the amount exported in 2005 thanks to oil sand exploration. The United States is Canada’s main oil destination market, receiving *** million metric tons in 2024. Far in second place came China, with *** million metric tons exported there that same year.

The Canada Oil and Gas Downstream Market Report is Segmented by Process Type (Refineries and Petrochemical Plants). The Market Size and Forecasts are Provided in Refining Capacity (million Barrels Per Day) for all the Above Segments.

There were 219 crude oil rigs in Canada in October 2024. The number of active oil rigs has varied over the last few years, with a peak of 249 rigs recorded in February 2020.

The size of the Canada Oil and Gas Upstream Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 4.50">> 4.50% during the forecast period. Recent developments include: In January 2021, Chevron Canada, Equinor Canada, and BHP Petroleum (New Ventures) secured approvals from the Environment and Climate Change Minister to conduct drilling at three offshore drilling projects east of St. John's, Newfoundland, and Labrador. The companies have proposed operating offshore platforms like ships and helicopters to conduct exploration drilling and well testing.. Key drivers for this market are: 4., Declining Solar Panel Costs4.; Supportive Government Policies. Potential restraints include: 4., High Upfront Cost. Notable trends are: Offshore Segment to Witness Significant Growth.

The Canada Oil and Gas Upstream Market Report is Segmented by Location of Deployment (Onshore and Offshore).

The size of the Canada Oil and Gas Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 1.80% during the forecast period. The Canada oil and gas market is a very important player in the global energy landscape. Characterized by abundant natural resources, an extensive infrastructure, and the fact that it ranks high in the world as a producer of crude oil and natural gas, current reserves are still found primarily in the oil sands of Alberta and the offshore regions of Atlantic Canada. This country benefits all support from a well-developed pipeline network and transport infrastructure, ensuring effective distribution of oil and gas products into various domestic and international markets. The factors driving this market are improvement in technology of extraction and production techniques, increasing global energy demand, and rising importance on energy security. Periodic oil price hikes, environmental concerns over land use and gas emissions, and regulatory barriers are the challenges facing the industry. The government of Canada has put in place several regulations that aimed to promote environmentally friendly practice with fewer adverse effects on the environment for both the oil and gas industries. In the past few years, there has been a strong push towards cleaner forms of energy and investment in renewable energy and carbon capture technology. The oil and gas industry remains an important branch of Canada's economy but always in tension with ongoing debate regarding climate change and sustainability. Production of energy and stewardship of the environment will undoubtedly push the market further as Canada maintains a balance between these two seemingly opposing ideologies Recent developments include: In March 2022, Pembina Pipeline Corp. announced a deal with private equity firm KKR to combine their western Canadian natural gas processing assets into a new joint venture. Pembina will own a 60% stake in the joint venture and serve as the operator and manager. KKR's global infrastructure funds will hold 40%., In November 2021, Woodfibre LNG signed an Engineering, Procurement, Fabrication, and Construction (EPFC) contract with McDermott International. The EPFC contract is an important step in advancing detailed engineering and construction scheduling work in advance of Woodfibre LNG.. Key drivers for this market are: 4., Modernization and Upgrades of Existing Military Aircraft Fleets4.; Increasing Defense Budgets. Potential restraints include: 4., Shift Toward Unmanned Aircraft. Notable trends are: Upstream Sector to be the Fastest Growing Sector.

Discover the dynamic Canadian oil and gas market forecast to 2033. Explore key drivers, trends, and challenges impacting upstream, midstream, and downstream sectors. Learn about leading companies and regional growth projections. Recent developments include: In March 2022, Pembina Pipeline Corp. announced a deal with private equity firm KKR to combine their western Canadian natural gas processing assets into a new joint venture. Pembina will own a 60% stake in the joint venture and serve as the operator and manager. KKR's global infrastructure funds will hold 40%., In November 2021, Woodfibre LNG signed an Engineering, Procurement, Fabrication, and Construction (EPFC) contract with McDermott International. The EPFC contract is an important step in advancing detailed engineering and construction scheduling work in advance of Woodfibre LNG.. Notable trends are: Upstream Sector to be the Fastest Growing Sector.

In 2024, the Canadian crude oil market decreased by -9.4% to $53.4B, falling for the second consecutive year after two years of growth. Overall, consumption recorded a relatively flat trend pattern. Crude oil consumption peaked at $79.2B in 2014; however, from 2015 to 2024, consumption stood at a somewhat lower figure.

In February 2025, Enbridge was the leading oil industry company in Canada based on market capitalization, with a market cap of over 91 billion U.S. dollars. In second place at that time was Canada Natural Resources, with a market cap of over 61 billion U.S. dollars.

The Canada Oil and Gas Midstream Market Report is Segmented by Sector (Transportation, Storage, and LNG Terminals).

Canada Oil & Gas Field Services Market valued at USD 10 Bn, driven by energy demand and tech advancements, with key segments in drilling and oil production.

USD 709.8 Million in 2024; projected USD 1468.1 Million by 2033; CAGR 8.4%.

Canada operates 16 oil refineries (including asphalt). This was lower than the number of bio-refineries producing ethanol and biodiesel. As of 2023, Canada was also looking to widen its refining scope by constructing renewable diesel refineries.

The Canada Automotive Engine Oils Market Report is Segmented by Product Type (Passenger Car Motor Oil, Heavy Duty Motor Oil, and Motorcycle Engine Oil), Base Stock (Mineral, Synthetic, Semi-Synthetic, Bio-Based). The Market Forecasts are Provided in Terms of Volume (Liters).

In 2024, the Canadian crude rapeseed oil market decreased by -28.7% to $2.4B, falling for the second consecutive year after four years of growth. Over the period under review, the total consumption indicated a moderate increase from 2012 to 2024: its value increased at an average annual rate of +2.1% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period.

Canada Oil and Gas Upstream Market size is expected to develop revenue and exponential market growth at a remarkable CAGR during the forecast period from 2024 to 2031.

The oil and gas upstream is defined as the segment responsible for the exploration, extraction, and initial processing of crude oil and natural gas. Activities in this sector are primarily focused on locating and developing new reserves, with the use of advanced geological and technological tools being extensively applied.

Increasing investments in unconventional resource development, such as oil sands and shale gas, have been driving the growth of this sector. Rising global energy demands and advancements in extraction technologies have enabled previously inaccessible reserves to be tapped, enhancing production capabilities. The upstream market in Canada is further supported by robust export opportunities and policies that aim to strengthen the country’s role in the global energy supply chain.

Discover the booming Canadian oil and gas upstream market. This comprehensive analysis reveals a CAGR exceeding 4.50% and projects market trends through 2033, highlighting key drivers, restraints, and major players like Cenovus Energy and Shell. Explore regional breakdowns and future growth potential. Key drivers for this market are: 4., Declining Solar Panel Costs4.; Supportive Government Policies. Potential restraints include: 4., High Upfront Cost. Notable trends are: Offshore Segment to Witness Significant Growth.

Canada Oil & Gas Midstream Market size was valued at USD 16.5 Billion in 2024 and is projected to reach USD 20.4 Billion by 2031, growing at a CAGR of 2.6 % from 2024 to 2031.

The Canada Oil & Gas Midstream Market is driven by the country's vast natural resource reserves, leading to high demand for transportation, storage, and distribution infrastructure. Continued investment in pipeline networks and the expansion of liquefied natural gas (LNG) terminals are key factors propelling market growth, supported by the government’s regulatory frameworks encouraging energy production and export.

Additionally, the increasing demand for energy exports, particularly to the U.S. and global markets, is fueling infrastructure developments. Technological advancements in pipeline safety and monitoring systems also enhance efficiency, ensuring the smooth flow of oil and gas. These factors, combined with the shift towards cleaner energy sources, are shaping the future of the Canadian oil and gas midstream sector.

Canada's oil sands E&P industry is expected to generate an estimated ***** billion Canadian dollars in revenues in 2024. This would be close to ** billion Canadian dollars more than the estimate made for conventional production.