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- Higher crude oil and mineral prices combined to drive up the value of Canada's natural resource assets in 2021. Overall, the dollar value of selected natural resource reserves totalled $1,444 billion in 2021, a 149% increase from 2020. This increase came following a 30% decline the previous year during the COVID-19 pandemic.
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Nov 14, 2022 · Higher crude oil and mineral prices combined to drive up the value of Canada's natural resource assets in 2021. Overall, the dollar value of selected natural resource reserves totalled $1,444 billion in 2021, a 149% increase from 2020.
- Canadian System of Environmental-Economic Accounts - Natural Resource ...
Asset accounts are one of the main elements of the United...
- The Daily — Oil and gas extraction, 2021 - Statistics Canada
In 2021, Canada's oil and gas extraction companies reported...
- Canadian System of Environmental-Economic Accounts - Natural Resource ...
Sep 27, 2022 · In 2021, Canada's oil and gas extraction companies reported total assets of $452.9 billion, up 2.6% from 2020. Total capital assets increased 1.2% in 2021 to $380.0 billion as the industry reversed the write-offs incurred in 2020.
Oct 21, 2021 · Oil and natural gas prices have risen considerably over the past nine months. The price of Western Canadian Select crude oil (WCS, the benchmark price for Alberta oil) averaged US$45.13 per barrel in January 2021. By the first week of October, that price had increased to $64.78 per barrel.
- Top Line Impacts
- GDP and Output
- Jobs
- GDP
- Output
- Conclusion
The Canadian oil and gas sector has both direct and indirect impacts on the national and provincial economies, including on GDP, jobs, and output generated in other key industries.
In 2017, the GDP associated with Canada’s oil and gas sector totaled $128 billion, or 6.4 per cent of the total Canadian economy. In 2017, the output, or value of goods and services produced by the Canadian oil and gas sector and its supply chain, was $241 billion, representing about 6.4 per cent of Canada’s total output, (see Table 1).
In 2017, there was a total of 611,362 jobs associated with the Canadian oil and gas sector – 216,285 direct and 395,077 indirect – representing about 3.2 per cent of all jobs across Canada (see Table 2). In 2017, the total compensation paid to oil and gas extraction sector workers alone was over $13.3 billion (Statistics Canada, 2021f).
The activities of the Canadian oil and gas sector are responsible for significant portions of GDP in key industries across Canada. They range from approximately $370 million in GDP in Statistics Canada’s North American Industry Classification System (NAICS) sector categorized as office administrative services, or 4.1 per cent of that sector’s GDP, ...
The oil and gas industry and its supply chain purchased nearly $139 million worth of goods and services from Canada’s NAICS general merchandise stores sector, or 0.8 per cent of that sector’s total output. Oil and gas producers and suppliers also purchased over $7.1 billion of goods and services from the architectural engineering and related servic...
The activities of the broad Canadian oil and gas sector are indirectly responsible for sizeable portions of GDP, employment, and output in key industries across Canada. The impact on the Canadian economy of the broad Canadian oil and gas sector, which includes both the direct and indirect impacts of oil and gas extraction and oil and gas investment...
Dec 26, 2020 · The spread of COVID-19 around the world this year squashed fuel demand, taking crude oil prices down with it. Those prices even turned negative at one point. Canada's oilpatch slashed...
Mar 24, 2022 · Overall, natural resource prices rose 4.6% in the fourth quarter. Natural gas prices rose 17.5% due to increased demand and extreme weather events. Crude oil prices were up 9.5%, supported by Organization of the Petroleum Exporting Countries Plus (OPEC+) controls on the increase in supply as demand continues to rise.
May 20, 2022 · The recent surge in oil prices is still a net benefit to Canada's economy, but not nearly to the extent that we have come to expect. High oil prices mean 'wicked profitability' when there's...
