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Oil and Gas Extraction
2003
Highlights
- The value of marketable production from crude oil, natural gas and natural
gas liquids jumped 32.6% during the year, from a total of $57.7 billion
in 2002 to a new high of $76.4 billion in 2003.
- After falling roughly 13% last year, total well completions reached
a new record high in 2003 to 23,363, up 36.0%.
- Capital expenditures in the conventional sector leaped 32.5% in 2003 to
reach $23.8 billion, reflecting generally higher prices for all
commodities.
- In Canada’s oil sands region, despite the continuing development
of non-conventional resources, through in-situ, mining and upgraders, overall
capital expenditures fell roughly 25% to $5.0 billion, after
a high of $6.8 billion in 2002. A number of major development
projects came into production during the year.
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