Capital expenditures for the oil and gas extraction industries, including exploration and evaluation in Canada, rose 23.5 percent from the fourth quarter of 2016 to $12.1 billion in the fourth quarter of 2017.
For the full year, capital spending totalled $43.0 billion in 2017, up 13.0 percent over 2016, according to Statistics Canada.
Capital expenditures also rose 3 percent from the first quarter of 2017 to $10.6 billion in the first quarter of 2018, the fifth consecutive quarterly year-to-year increase.
The increased expenditure numbers for 2018 were released in the wake of the federal government announcement to purchase the Trans Mountain pipeline project from Kinder Morgan Canada for $4.5 billion through an Export Development Canada loan.
The intervention by Ottawa is the largest since 2009, when federal and Ontario governments advanced more than $13.3 billion to Chrysler and General Motors during the global financial crisis.