Visiongain has published a new report on Canadian Oil & Gas Market Report 2021-2035: Forecasts by Energy Sources (Oil, Natural Gas, Liquefied Natural Gas), by Operating Segment (Upstream, Midstream, Downstream, Services), by Method (Conventional, Unconventional). PLUS Profiles of Leading Manufacturing Companies and National Market Analysis. PLUS COVID-19 Recovery Scenarios.

Canadian oil & gas market is estimated to be valued at US$ xx billion in 2021 and is projected to reach at a market value of US$ xx billion by 2035. Large proven oil & gas reserves of Canada coupled with growing investments in the building the country’s oil & gas infrastructure is expected to augment the demand for Canadian oil & gas. Favourable government policies and high demand for LNG from countries other than the U.S. is also anticipated to drive demand over the forecast period.

COVID-19 Impact on Canadian Oil & Gas Market
Visiongain has anticipated four scenarios for the Canadian oil & gas market to recover over the forecast period, namely, V, U, W, and L. Effective treatment of COVID-19 infected patients coupled with increased testing rates along the world will help people to safely get back to work without causing a surge in cases. Considering the government implements effective initiatives and financial policies to keep jobs and business operational, a V shaped recovery is possible for the Canadian oil & gas market. The recent development of the COVID-19 vaccine also favours a V shaped recovery of the market.

Market Drivers

Growing Production through Unconventional Sources
Horizontal well and hydraulic fracturing unlocked vast quantities of oil & gas in Canada. Canada has vast shale gas deposits in the Montney Formation in British Columbia and Alberta, the Frederic Brook Shale in New Brunswick and Prince Edward Island, and the Utica Shale in Québec. As the shale gas and tight oil production increased it helped offset declines in current conventional oil and gas production. In order to support the increased production level the country has invested in infrastructure development to make their products available to international markets apart from the U.S.

Increased Technological Expertise
Canada is one of the leaders of innovation in the oil & gas industry. The Canadian government with the support of major oil & gas companies lead to several innovations in order to increase well efficiency, reduce methane and GHG emissions and water conservation. The Canadian industry has several associations that aid in connecting with companies that are engaged in developing environment friendly solution. In order to build a sustainable environment around the oil & gas market, Canadian oil & gas producers have invested in green & clean fuels, technologies, and practices.

Market Opportunities

High Demand for Transition Fuels
Renewable energy have not yet matured very far in terms of technology and economic viability. Therefore, companies consider low carbon fuel such as natural gas and LNG (transition fuels) instead of coal and oil. LNG is also considered a cleaner-burning, less carbon-intensive source of energy which is in high demand in the Asia Pacific market, specifically, Japan, China, and South Korea. In order to keep up with the goals of the Paris Agreement which is signed by several countries, companies have to keep their emissions as low as possible, which can be done by using transition fuels till renewable energy sources gain economic viability in the market.

Enhanced Oil Recovery Techniques can improve Well Efficiency
CO2 EOR has gained tremendous government support over the last few years, this is because it traps CO2 emitted from large point sources and then disposes it underground through a technology known as carbon capture & geologic sequestration (CCS). Therefore it is considered as an efficient option in meeting a country’s climate target. Out of the 98 CO2 EOR projects located in North America only 7 are located in Canada, which account for a production of 35,000 bbl/d.

Competitive Landscape
Some of the companies profiled in the report include Suncor Energy Inc., Imperial Oil Ltd., Canadian Natural Resources Ltd., Cenovus Energy Inc., Husky Energy Inc., TC Energy Corp., Pembina Pipeline Corp., Chevron Canada Ltd., CNOOC International Limited, Repsol Oil & Gas Canada, Inc., Shell Canada Ltd., Syncrude Canada Ltd, MEG Energy, Athabasca Oil Corporation, TE Connectivity Ltd., ConocoPhillips Canada, Enbridge Inc. The key companies operating in the Canadian oil & gas market are engaged in mergers & acquisitions and technological collaborations. Companies have largely invested in clean energy projects in order to improve sustainability in the market.

• Suncor is expected to become the operator of the Syncrude project by the end of 2021, as agreed in principle by Syncrude Joint Venture Owners, namely, Imperial Oil Resources Limited, CNOOC Oil Sands Canada and Sinopec Oil Sands Partnership. Synergies of US$300 million annually are expected, thereby, making Syncrude even more regionally & globally competitive to achieve a cash operating cost per barrel of US$23/bbl through 90% utilization.
• Imperial invested US$450 million in 2019 into their Cold Lake project to increase output by 55,000 bbls/d. This project is expected to save $1 billion of capital expenditure by replacing the previously announced Cold Lake expansion project.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 20 7549 9987.

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