Expenditures in oil and gas extraction industry saw big decline in 2009
Ottawa, ON -- Capital expenditures by the conventional oil and gas extraction industry totalled $21.9 billion ...
Ottawa, ON — Capital expenditures by the conventional oil and gas extraction industry totalled $21.9 billion in 2009, down 38.5% from 2008, Statistics Canada reports.
The non-conventional sector capital expenditures declined 38.0% 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% from 2008 to $23.7 billion, the result of lower royalty payments. For the non-conventional sector, operating expenses declined 5.2% from 2008 to $13.9 billion, also largely as a result of lower royalty payments.