Canada's upstream petroleum industry 1997 perspective

Canadian conventional and oil sands hydrocarbon resource base, production, markets and transportation issues, the business climate for petroleum products and the industry's accountability and responsibility for protection of the environment were reviewed. Overall, the natural gas and crude oil industry was considered vibrant and well-positioned to address today's challenges and prosper from the many opportunities that exist for future growth. A record high of 14,600 wells were drilled in 1996. Crude oil production comprised 740 million barrels and natural gas production comprised 5.6 trillion cubic feet for a total production value of $30 billion. Capital investment in the upstream petroleum industry was $ 15 billion, with direct employment in this sector of 76,000, and indirect employment of 463,000. Impressive gains were made in cost reduction through new technology, infrastructure efficiency and consolidation of facilities. The industry continues to be recognized world-wide for its state-of-the-art expertise, equipment and educational training facilities. 1 ref