Media Release October 5 th, 2010

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1 Media Release October 5 th, 2010 PSAC STUDIES REVEAL OIL & GAS SERVICES SECTOR IS A $65 BILLION INDUSTRY (Calgary, AB) --- The Petroleum Services Association of Canada ( PSAC ) announced today the results of two studies into the economic impact of oil & gas services ( OGS ) on the Canadian economy. PSAC commissioned the Canadian Energy Research Institute ( CERI ) and Mission Capital Inc. to undertake these studies to create a better understanding among governments, the public, and the media of the significant financial and employment role this industry plays across Canada. The study conducted by CERI revealed that in 2006, the OGS sector contributed $65 billion to Canada s Gross Domestic Product ( GDP ), employed 800,000 workers across Canada, and contributed $9 billion in personal and corporate taxes to federal and provincial governments. For purposes of comparison and using the same methodology, the 2006 GDP of Canada s automobile industry was $25 billion, agriculture $26 billion, mining $18 billion, forestry $29 billion, and residential construction $34 billion. In 2009, 36 Canadian OGS companies had combined revenue of $12.8 billion from international operations and manufactured product export sales. The second study was undertaken by Mission Capital to demonstrate that Canadian OGS industries have significantly outgrown the needs of domestic clients and have therefore expanded into the international arena. In doing so they contribute to the Canadian economy through the export of goods, equipment, technology and expertise and the importation of profits. OGS includes a vast array of goods, equipment, services, technology and expertise across Canada involved in all aspects of commercial oil and gas development from concept to commercial processing. These are delivered by hundreds of companies directly and hundreds more indirectly to develop oil and gas in all regions of Canada including conventional oil and gas, non-conventional oil (oil sands), nonconventional gas (shale gas), and offshore production. David Yager, 2009/2010 PSAC Chairman and Chairman and CEO of HSE Integrated Ltd., a Calgary-based OGS company with international operations, had the following comments about PSAC s research initiative: The energy policy debate about the role of the oil and gas industry in Canada is primarily focused on the physical activities of E&P companies: the economic rent they pay (royalties and taxes), and their profitability. While the essential role the OGS sector plays in supporting oil and gas development is generally understood, the degree to which this sector drives jobs, investment and economic opportunity is not. -more-

2 Media Release October 5 th, 2010 Page 2 Yager added, As a resource rich country, Canada is often perceived as a hewer of wood and drawer of water. This has caused governments to seek opportunities to add value through domestic processing and participation or industrial diversification defined as R&D, technology and innovation leading to state-of-the art equipment, products and services with export potential. We at PSAC believe OGS meets this objective yet has not received adequate recognition for our success. PSAC undertook this research project with the following objectives: 1) illustrate the significant contribution OGS makes to the Canadian economy through economic activity, jobs and taxes; 2) seek recognition for the skills, technology and innovation that have made us world leaders with that success proven through commercial growth in international markets and the purchase of Canadian OGS technology companies by global players; 3) give policy and opinion makers the information they need to better appreciate our role in the Canadian economy and in doing so ensure the OGS sector is consulted and considered in the creation of future energy policies and industrial strategies. The Petroleum Services Association of Canada is the national trade association representing the service, supply and manufacturing sectors within the upstream petroleum industry. PSAC represents a diverse range of over 250 member companies, employing more than 52,000 people and contracting almost exclusively to oil and gas exploration and production companies. PSAC member companies represent over 80 per cent of the business volume generated in the petroleum services industry. For more information, please contact: -30- David L. Yager, PSAC Chairman 2010 Chairman and CEO, HSE Integrated Ltd. Tel: (403) dyager@hseintegrated.com Peter Howard, Interim President Canadian Energy Research Institute Tel: (403) phoward@ceri.ca

3 BACKGROUNDER = PSAC STUDIES REVEAL OIL & GAS SERVICES SECTOR IS A $65 BILLION INDUSTRY The Petroleum Services Association of Canada ( PSAC ) announced today the results of two studies into the economic impact of oil & gas services ( OGS ) on the Canadian economy. PSAC commissioned the Canadian Energy Research Institute ( CERI ) and Mission Capital Inc. to undertake these studies to create a better understanding among governments, the public, and the media of the significant financial and employment role this industry plays across Canada. The study conducted by CERI revealed that in 2006, the OGS sector contributed $65 billion to Canada s Gross Domestic Product ( GDP ), employed 800,000 workers across Canada, and contributed $9 billion in personal and corporate taxes to federal and provincial governments. For purposes of comparison and using the same methodology, the 2006 GDP of Canada s automobile industry was $25 billion, agriculture $26 billion, mining $18 billion, forestry $29 billion, and residential construction $34 billion. In 2009, 36 Canadian OGS companies had combined revenue of $12.8 billion from international operations and manufactured product export sales. The second study was undertaken by Mission Capital to demonstrate that Canadian OGS industries have significantly outgrown the needs of domestic clients and have therefore expanded into the international arena. In doing so they contribute to the Canadian economy through the export of goods, equipment, technology and expertise and the importation of profits. OGS includes a vast array of goods, equipment, services, technology and expertise across Canada involved in all aspects of commercial oil and gas development from concept to commercial processing. These are delivered by hundreds of companies directly and hundreds more indirectly to develop oil and gas in all regions of Canada including conventional oil and gas, non-conventional oil (oil sands), non-conventional gas (shale gas), and offshore production. /2

4 PSAC Backgrounder 2 A significant number of companies directly associated with OGS are represented by PSAC, the Canadian Association of Oilwell Drilling Contractors ( CAODC ), the Canadian Association of Geophysical Contractors ( CAGC ), and the Canadian Energy Pipeline Association ( CEPA ) indirect industries captured in the PSAC study that are not normally associated with oil and gas development. However, their products and services are essential and are located in all regions of the country. Methodology PSAC commissioned Canadian Energy Research Institute ( CERI ) of Calgary to perform a study using an input/output model and data from Statistics Canada from the most recent comprehensive business survey conducted in PSAC experts selected the inputs employed in oil and gas exploration, development, production, processing and transmission from a list of 750 products, commodities or services generated in the Canadian economy. To measure the true economic impact of OGS on the Canadian economy, it included the better-understood direct expenditures by oil and gas development companies and indirect inputs employed by OGS in the manufacture of equipment and the delivery of services. In a concurrent study, PSAC contracted Mission Capital Ltd. ( Mission ) of Calgary to compile information about the international (all countries outside of Canada) revenues of 51 selected Canadian OGS companies. Of the total, 36 had international operations. Canadian is defined as founded in Canada, headquartered in Canada, and with central finance, operations and control functions residing in the head office. R&D, Technology and Innovation Unlike many oil and gas producing regions around the world, Canada has very high domestic participation in the development and delivery of OGS to its exploration and production company ( E&P ) clients. In the early days of development following the famous Leduc discovery in 1947, most of the equipment and expertise was imported, primarily from the United States. However, since that time, Canadian-controlled and/or initiated participation has grown steadily. The GDP figures illustrate the great degree to which OGS companies operating in Canada buy domestically to obtain the equipment, products and services essential to supporting domestic hydrocarbon development. They also illustrate the manufacture of OGS products in Canada for export and the domestic fabrication of OGS equipment for domestic and international markets. /3

5 PSAC Backgrounder 3 What is noteworthy about the growing presence of Canadian OGS in the international arena is that much of this is taking place in markets with established service and product providers. Canadian OGS companies are gaining market share in established markets through new technology, advanced designs, reliability, expertise, commitment and service. The Canadian Advantage is a product of decades of experience; a large skilled and educated labour force; the unique climatic and geological challenges of domestic oil and gas deposits; local support with R&D, engineering and manufacturing capability; and the willingness of E&P companies in Canada to partner with their suppliers to create innovative solutions to technical challenges plus providing real-life testing applications for prototypes in the pre-commercialization stage. Further, it is not uncommon for global OGS companies which are not headquartered in Canada to fulfill their internal requirements for R&D and new technology through the purchase of smaller Canadian OGS companies with advanced products and services. There are numerous examples of home-grown Canadian technology being delivered worldwide through some of the largest OGS companies in the world. PSAC undertook this research project with the following objectives: 1) illustrate the significant contribution OGS makes to the Canadian economy through economic activity, jobs and taxes; 2) seek recognition for the skills, technology and innovation that have made us world leaders with that success proven through commercial growth in international markets and the purchase of Canadian OGS technology companies by global players; 3) give policy and opinion makers the information they need to better appreciate our role in the Canadian economy and in doing so ensure the OGS sector is consulted and considered in the creation of future energy policies and industrial strategies. The Petroleum Services Association of Canada is the national trade association representing the service, supply and manufacturing sectors within the upstream petroleum industry. PSAC represents a diverse range of over 250 member companies, employing more than 52,000 people and contracting almost exclusively to oil and gas exploration and production companies. PSAC member companies represent over 80 per cent of the business volume generated in the petroleum services industry. For more information, visit

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