Canadians benefit immensely from upstream oil and gas production
Most Canadians have seen media reports describing Alberta as a debt-free province, and
heard how British Columbia, Saskatchewan, Nova Scotia and Newfoundland and
Labrador are receiving extra revenue, thanks to high oil and natural gas prices. Even
though resources are provincially owned, the entire country benefits from crude oil and
natural gas exploration and production.
The upstream petroleum sector is active in 12 of 13 provinces and territories. Some of the
economic benefits from the industry include $35 billion in annual capital investment,
making it the nation’s largest private sector investor, 350,000 direct and indirect jobs and
$20 billion in direct payments to governments this year alone.
The impact of our economic contribution goes well beyond the local communities where
we operate; many of those dollars are spent throughout the country. A recent study
determined that 30 to 40 per cent of the impact of the billions of dollars being invested in
Alberta’s oil sands takes place outside the province. These mega-projects require
everything from building and telecommunications materials to steel and truck parts that
come from industrial regions across Canada.
