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Oil Drilling & Gas Extraction in Canada Industry Data and Analysis
Oil drilling and gas extraction in Canada have grown tremendously, resulting from rising prices and additional investment in production. As the economy reopened in 2021, the need for oil and gas became apparent and prices skyrocketed, bolstering revenue. The Russia-Ukraine conflict further exacerbated this, causing exports to surge as foreign countries looked elsewhere to get oil and gas. While prices crept down later in the period, they remained elevated and well above pre-pandemic levels. Overall, revenue is expected to climb at a CAGR of 1.0% to $181.3 billion through the end of 2026, including a 1.0% dip in 2026 alone, as prices are projected to dip amid global energy tariffs imposed by the US, which have had a trickle-down effects on global prices. Profit has also fluctuated alongside price shake-ups.
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What's included in this industry analysis
IBISWorld's research coverage on the Oil Drilling & Gas Extraction industry in Canada includes market sizing, forecasting, data and analysis from 2016-2031. The most recent publication was released February 2026.
About this industry
What's this industry report about?
The Oil Drilling & Gas Extraction industry in Canada operates under the NAICS industry code 21111CA. Companies in the Canadian Oil Drilling and Gas Extraction industry operate and develop oil and gas field properties. Activities include exploring and producing crude petroleum, mining and extracting oil from oil shale and oil sands, exploring and producing natural gas, recovering sulphur from natural gas and recovering hydrocarbon liquids. Companies may operate oil and gas wells on their own account or for others on a contract or fee basis. Related terms covered in the Oil Drilling & Gas Extraction industry in Canada include oil sand, natural gas and offshore platforms.
What's included in this industry?
Products and services covered in Oil Drilling & Gas Extraction industry in Canada include Crude oil, Natural gas and Other.
What companies are included in this industry?
Companies covered in the Oil Drilling & Gas Extraction industry in Canada include Canadian Natural, Suncor and Imperial Oil.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Oil Drilling & Gas Extraction industry in Canada.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Oil Drilling & Gas Extraction industry in Canada.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Oil Drilling & Gas Extraction industry in Canada.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Oil Drilling & Gas Extraction industry in Canada. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Oil Drilling & Gas Extraction industry in Canada. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Oil Drilling & Gas Extraction industry in Canada. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Oil Drilling & Gas Extraction industry in Canada. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Oil Drilling & Gas Extraction industry in Canada.
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Frequently Asked Questions
What is the market size of the Oil Drilling & Gas Extraction industry in Canada in 2026?
The market size of the Oil Drilling & Gas Extraction industry in Canada is $181.3bn in 2026.
How many businesses are there in the Oil Drilling & Gas Extraction industry in Canada in 2026?
There are 2,681 businesses in the Oil Drilling & Gas Extraction industry in Canada, which has declined at a CAGR of 3.4 % between 2021 and 2026.
How may import tariffs affect the Oil Drilling & Gas Extraction industry in Canada?
The Oil Drilling & Gas Extraction industry in Canada is likely to be significantly impacted by import tariffs with imports accounting for a high share of industry revenue.
How may export tariffs affect the Oil Drilling & Gas Extraction industry in Canada?
The Oil Drilling & Gas Extraction industry in Canada is likely to be significantly impacted by export tariffs with exports accounting for a high share of industry revenue.
Has the Oil Drilling & Gas Extraction industry in Canada grown or declined over the past 5 years?
The market size of the Oil Drilling & Gas Extraction industry in Canada has been growing at a CAGR of 1.0 % between 2021 and 2026.
What is the forecast growth of the Oil Drilling & Gas Extraction industry in Canada over the next 5 years?
Over the next five years, the Oil Drilling & Gas Extraction industry in Canada is expected to decline.
What are the biggest companies in the Oil Drilling & Gas Extraction industry in Canada?
The biggest companies operating in the Oil Drilling & Gas Extraction industry in Canada are Canadian Natural, Suncor and Imperial Oil
What does the Oil Drilling & Gas Extraction industry in Canada include?
Oil extraction and Natural gas extraction are part of the Oil Drilling & Gas Extraction industry in Canada.
Which companies have the highest market share in the Oil Drilling & Gas Extraction industry in Canada?
The company holding the most market share in the Oil Drilling & Gas Extraction industry in Canada is Canadian Natural.
How competitive is the Oil Drilling & Gas Extraction industry in Canada?
The level of competition is high and steady in the Oil Drilling & Gas Extraction industry in Canada.
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