This industry profile provides a five-year forecast for Canada’s Oil and Gas Support Activities Industry.
Document Highlights
- Oil Prices—High oil prices continue to drive investment in the oil sands, thereby supporting demand for contract drilling and field support activities.
- Natural Gas Prices—Weak gas prices pushed the number of natural gas wells drilled last year to the lowest level of the past decade. With supply rising in the U.S., prices will remain low in the near term.
- Labour Supply—Employers in Western Canada will soon be facing widespread labour shortages again. This will keep wage growth well above the national average and pose a challenge to the industry’s profitability.
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