Canada is the world's fourth-largest oil producing country. The oil industry in Canada has direct operations in seven of Canada's thirteen provinces and territories, including offshore. Since the 1990s, oil production has more than doubled in Canada, largely because of oil sands discoveries in the northwest of Alberta.
It may thus come as no surprise that all major industry players are headquartered in Alberta’s capital, Calgary. This includes Cenovous Energy, often ranking as Canada’s largest oil and gas company by revenues.
Oil sales bring in billions of Canadian dollars every year. The oil sands extraction industry ‘s GDP stands at nearly 40 billion Canadian dollars, which is equal to approximately 1.7 percent of Canada’s total economic contributions. Together with conventional extraction, the oil and gas industry is responsible for more than three percent of total GDP.
Alberta’s role in Canada’s oil industry
Alberta is unquestionably the centerpiece for Canada's oil industry. Its dominance is evidenced by the huge amounts of oil produced, largely in the form of heavy oil and upgraded bitumen (synthetic crude oil) won from oil sands. Alberta produces nearly ten times as much oil as the second-largest producing province.It may thus come as no surprise that all major industry players are headquartered in Alberta’s capital, Calgary. This includes Cenovous Energy, often ranking as Canada’s largest oil and gas company by revenues.
Oil trading and economic impact
The United States is Canada’s most important trading partner for crude oil. Canada operates 16 oil refineries (including asphalt), only a fraction of the number of oil refineries in the U.S., meaning much of the oil produced in Canada is processed abroad. Gasoline and diesel are the most produced oil products in Canada, accounting for more than two thirds of the total refinery output.Oil sales bring in billions of Canadian dollars every year. The oil sands extraction industry ‘s GDP stands at nearly 40 billion Canadian dollars, which is equal to approximately 1.7 percent of Canada’s total economic contributions. Together with conventional extraction, the oil and gas industry is responsible for more than three percent of total GDP.
