Canada oil production down 2.3%, profits up 50%

Canada’s oil production dropped in 2005 for the first [time] in six years as conventional supplies wane, but that should change as oilsands operations continue their rapid ramp-up.

According to a Statistics Canada report released Monday, companies pumped out 858 million barrels of crude last year, down 2.3 per cent from the year before.[..]

Canada’s oilsands production hit a record 1.2 million daily barrels earlier this year,[..]

Any increase in overall Canadian oil production will have to come from greater oilsands output, as “conventional oil has been on a mild and extended decline since about 1997.

CBC