Canada Oil and Gas Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
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.
Key HighlightsThe Canadian oil and gas market is moderately fragmented. The major companies include TotalEnergies SE, Shell PLC, ExxonMobil Corporation, Chevron Corporation, and Petroliam Nasional Berhad (PETRONAS).
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