In 2023, the number of employees in the crude petroleum and natural gas extraction sector in Canada stood at 76.80 thousand persons. By 2028, this figure is forecasted to rise to 79.64 thousand, reflecting a steady increase each year. The year-on-year growth rates are projected to be approximately 0.78% from 2024 to 2025, 0.73% from 2025 to 2026, 0.67% from 2026 to 2027, and 0.63% from 2027 to 2028. The compound annual growth rate (CAGR) from 2024 to 2028 is approximately 0.73%, indicating a gradual upward trend in employment.
Future trends to watch for:
- Technological advancements and their impact on workforce efficiency and skill requirements.
- Regulatory changes and environmental policies influencing sector dynamics.
- Market demand for crude oil and natural gas, affecting employment needs.
- Potential shifts towards renewable energy and their implications for employment in traditional extraction sectors.
