Market Size of Canada Oil and Gas Upstream Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Oil and Gas Upstream Market Analysis
The Canadian oil and gas upstream market is expected to register a CAGR of more than 4.5% during the forecast period, 2022-2027. The COVID-19 outbreak in Q1 of 2020 affected energy prices for products ranging from crude oil to various refined petroleum products, further reducing oil and gas exploration and production activities. Factors such as the discovery of new oil and gas fields, rising oil and gas investments, and the growing demand for natural gas are expected to drive the Canadian oil and gas upstream market. However, volatility in crude oil prices along with comparatively higher production costs for unconventional resources is expected to hinder the growth of the Canadian oil and gas upstream market during the forecast period.
- The offshore segment is expected to witness significant growth during the forecast period, owing to increasing offshore oil and gas exploration and production activities in Canada.
- The increasing upstream capital investments in Canada are likely to create a good number of opportunities for the Canadian oil and gas upstream market in the coming years.
- Increasing investments in exploration and production activities are likely to drive the Canadian oil and gas upstream market during the forecast period.
