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Canadian oil and gas cost more to produce in 2010

Published by Steve Coleman on September 01, 2011

Investment in Canadian oil and gas oil wells was 60.5 per cent higher in 2010 than a year earlier, while investment in non-conventional sources rose 51.1 per cent.

Statistics Canada says the oil and gas industry spent $35.2 billion on conventional oil and gas wells and $17.7 billion on unconventional sources like the Alberta oil sands.

The government agency says it's the sixth-straight year that expenditures in non-conventional petroleum projects have topped $10 billion.

Higher royalty payments and operating costs also took a bigger bite out of both sectors in 2010. Conventional oil and gas saw its operating expenses increase 6.5 per cent to $25.3 billion, while costs rose 14.2 per cent to $16.1 billion on the non-conventional side.

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