The government has made a commitment on moving forward to work more closely with Canada's indigenous peoples in the development of Canada's natural resources. We have legal obligations to consult in the Constitution, when making decisions with respect to these development opportunities. Given the location of where most of Canada's oil and gas resources take place, close to indigenous communities, there's an opportunity to work more collaboratively in the development of these resources both in terms of how they're developed but also in the employment and business opportunities.
Natural Resources Canada has an office in B.C., called our Major Projects Management Office-West, which works very closely in collaboration with other federal government departments and agencies and indigenous communities to identify the opportunities, to enhance collaboration, and work more closely together toward enhancing participation in these development opportunities going forward. It's a first step, and we'll continue to make progress in this regard. There's a tremendous opportunity in this area.
With respect to your second question, changes in the price of oil in the industry have hit Canadian oil companies and global oil companies as well. But despite lower prices, we still see a tremendous opportunity to grow our resources going forward. In fact, over the next five years, we still see oil production increasing by approximately 800,000 barrels a day between now and 2020. With the oil sands and with the type of resource that we have in Canada, industry typically takes a long-term perspective with respect to its investment opportunities.
Because of the tremendous resource base that we have here in Canada and because global demand is expected to continue to grow going forward, we expect that in the longer term there will continue to be opportunities to grow our resources. We won't likely see a lot of new investment at $40 a barrel, given the cost of developing our resources, but with continued innovation to bring down costs and the expectation that prices will rebound over the medium term, we will continue to see opportunities and investment in the sector going forward.
