Helping Canada run smoothly
It’s easy to take for granted all the ways a strong Canadian oil and natural gas industry supports our daily lives. From the financial benefits that drive our economy to the fuel and everyday goods made from oil byproducts that keep communities running — all Canadians benefit from these essential natural resources, one way or another.
Protecting the Canadian dollar
Canadians rely on imports like fresh produce and electronics, and our broader economy depends on exports to other countries. Without oil and gas exports, Canada would run an enormous trade deficit, resulting in a weaker dollar and driving up the cost of imported goods. At a time when life is becoming increasingly unaffordable for many, a strong oil and gas sector protects our dollar.
Supporting local and Indigenous communities
More than 320,000 direct jobs are supported by Canada’s oil and gas industry, and billions of dollars paid to governments in royalties and taxes help fund healthcare, education and public services from coast to coast.
$155.4 billion
Energy exports in 2023, offsetting a $117.7 billion deficit in goods exports from other sectors1
$34.1 billion
Federal and provincial income taxes and royalties paid by our industry in 20231
6.9%
Indigenous representation in the oil and gas workforce compared to 3.9% in the Canadian workforce1
1 This data was sourced from Statistics Canada and/or Indigenous Resource Network reports and/or tables.
Cenovus also works closely with Indigenous communities and businesses to ensure they share in the long-term benefits of responsible resource development, including more than $5 billion spent on goods and services from Indigenous businesses since 2010.
Fueling the future
The world’s population continues to grow and so does the demand for more energy of all kinds. As part of the future energy mix, oil and natural gas will continue to be fundamental sources for decades to come, particularly for key industries such as aviation, shipping and agriculture. It’s also a key component that helps make many renewable energy systems work efficiently.
Canada can lead the way
A lower carbon future is what we all want. Getting there responsibly will take time, smart energy policies and collaboration. As one of the most innovative industries and countries in the world, we can make the most of our natural resources, for everyone’s benefit.
About Cenovus
We’re a Canadian-based integrated energy company committed to developing our assets in a safe, responsible and cost-efficient manner. We operate in Canada, the United States and the Asia Pacific region, including oil sands projects in northern Alberta, thermal and conventional crude oil and natural gas projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and liquids production offshore China and Indonesia. Cenovus’s downstream operations include upgrading, refining and marketing operations in Canada and the United States.
Learn more about our purpose and values and our integrated operations that help power our communities and energize the world.