The Canadian Association of Petroleum Producers (CAPP) reports an addition of 3 billion barrels to Canada's oil reserves at year-end 2005, a 327% replacement of Canada's 2005 production. There was also an addition of 7.6 trillion cubic feet to gas reserves, a 123% replacement, which increased total year-end Canadian gas reserves 2.5% to 57.9 trillion cubic feet.
"A record high level of investment of C$45 billion was required in Canada to achieve the level of reserves growth seen (in 2005)," says Kathy Sendall, chair of CAPP's board of governors.
"This is more than triple the levels of investment just 10 years ago. The 2005 record level of capital investment is only sustainable in a strong price and responsive regulatory environment."
In 2007, Sendall expects conventional Canadian upstream activity and capital investment will moderate.
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