The oil and gas sector is one of Canada’s most lucrative sources of energy. Presently, Canada prides itself in about 171 billion barrels of oil reserves, out of which the greater percentage -64% is in oil sands reserves.
A report by Statistics Canada revealed that the Canadian economy grew by 0.7 percent in January.
On Tuesday 6th of March, the International Monetary Fund applauded Canada and declared its high hopes in the economy’s ability to win over the effects of the covid-19 pandemic faster than most advanced economies around the globe. This upgrades the market outlook in Canada for the coming years.
In what is being described as a “transformative” move, Canadian Pacific Railway has agreed to buy United States’ Kansas City Southern for $25 billion in a cash-and-shares deal.
Canada is uniquely blessed with oil and natural gas resources. The Western Canada Sedimentary Basin (WCSB) is the largest source of oil and gas in Canada. The area covers Northern British Columbia, most of Alberta, Southern Saskatchewan, and the Southwestern tip of Manitoba.