The cost of drilling oil and gas wells in Canada has climbed by $1.7 billion in the last six years, according to new figures from the Department of Fisheries and Oceans.
The figures from last year showed that the price of a barrel of Brent crude oil has increased by more than $10 per barrel since 2010.
The data comes from a government-commissioned report that examines the impact of a boom in the oil and natural gas sector.
A boom in Canada’s oil and mining industry has driven up the cost of the country’s drilling and exploration to $US80,000 per well.
That’s an average of $US1.4 million per well in 2014, according the report, released Thursday.
But the report also found that the number of rigs being drilled in Canada is increasing.
The number of oil and mineral exploration rigs has increased from 16,000 in 2010 to 40,000 last year, according.
The number of wells being drilled has increased over the past decade by more to around 40,400 per well, according data from the federal department.
The report said there are now over 5.5 million oil and coal mining operations in Canada.
“The total number of companies and exploration rigs in Canada currently stands at more than 5.4 billion,” the report said.
While the industry is in the early stages of a comeback, the government is investing in more infrastructure to help the industry grow.
“While there are many steps in the pipeline that will make our oil and resource development more productive, the new projects being developed will likely be developed at a much faster pace,” the department said.
The government is also encouraging new investments in the mining sector, including more pipelines.
More drilling rigs are being built at a rate of one per week in the next two years, and there are about 5,000 more drilling rigs in operation, the department added.