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News Release

FOR IMMEDIATE RELEASE 

ALBERTA TO BE ONE OF THE LARGEST GLOBAL OIL PRODUCERS BY 2016

Calgary, Alberta (June 5, 2007) The Alberta Energy and Utilities Board (EUB) has released its annual report Alberta's Reserves 2006 and Supply/Demand Outlook 2007-2016. This report is an independent source of information on the state of reserves and the supply and demand for Alberta's diverse energy resources: bitumen, crude oil, natural gas, natural gas liquids, coal, and sulphur. It includes estimates of reserves and production volumes for 2006 and a 10-year supply/demand forecast for each resource.

The report notes that:

• In 2006, bitumen production surpassed conventional oil production by over 231%. Bitumen production of 458 million barrels averaged 1.25 million barrels per day (an increase of 18 % over 2005), compared to conventional oil production of 198 million barrels, or 543,700 barrels per day (a decrease of 5% from 2005).
• Bitumen production in Alberta increased by 88 per cent since the year 2000, or by 214 million barrels.
• The EUB expects Alberta's annual bitumen production to increase to more than one billion barrels by 2016.
• Alberta's total remaining established bitumen and conventional oil reserves totaled 174.8 billion barrels, consisting of bitumen at 173.2 billion barrels and conventional oil at 1.6 billion barrels.
• Remaining established marketable gas reserves stood at 41 trillion cubic feet.
• Alberta's remaining established coal reserves are estimated at about 37 billion tons.
• For the first time, the report features a section on Alberta's electricity outlook. 

The EUB ensures that the discovery, development, and delivery of Alberta's resources and utility services take place in a manner that is fair, responsible, and in the public interest.

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Please see backgrounder for more detailed information. Alberta's Reserves 2006 and Supply/Demand Outlook 2007-2016 is available on the EUB web site at www.ercb.ca or from EUB Information Services, Main Floor, 640 - 5 Avenue SW, Calgary, Alberta T2P 3G4.

For more information, please contact:
Bob Curran, EUB Communications
Phone: 403-297- 3392
Email: bob.curran@eub.ca 

View PDF file for Backgrounder

NR 2007-21