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Oil and gas extraction expenditures see big decline in 2009 |
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Written by REM Staff
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Capital expenditures by the conventional oil and gas extraction industry totalled $21.9 billion in 2009, down 38.5 percent from 2008, according to Statistics Canada.
The non-conventional sector capital expenditures declined 38.0 percent to $11.2 billion in 2009. This marked the fifth year in a row that expenditures have surpassed the $10 billion level in the non-conventional sector.
Based on the Canadian Association of Petroleum Producers, capital expenditures in the conventional and non-conventional sectors are expected to reach $42 billion in 2010.
Operating expenses for the conventional sector declined 28.0 percent from 2008 to $23.7 billion, the result of lower royalty payments. For the non-conventional sector, operating expenses declined 5.2 percent from 2008 to $13.9 billion, also largely as a result of lower royalty payments.
www.statcan.gc.ca
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