View PDF version
News Release
FOR IMMEDIATE RELEASE
FORTY YEARS OF OIL SANDS PRODUCTION LEAVES BITUMEN RESERVE LARGELY UNTAPPED
Over 97 per cent of bitumen remains; oilsands production to top 1 billion barrels per year in 9 years
Calgary, Alberta (June 15, 2006) The Alberta Energy and Utilities Board (EUB) 2005 Reserves Report indicates that bitumen development in northern Alberta is still in its infancy with approximately 3 per cent of reserves being produced over forty years. The Report also points to oilsands production exceeding 1 billion barrels per year by 2015.
The EUB’s annual Alberta's Reserves 2005 and Supply/Demand Outlook 2006-2015 includes estimates of bitumen, crude oil, natural gas, natural gas liquids, coal, and sulphur reserves and production volumes for 2005 and a 10-year supply/demand forecast for each resource.
Additional highlights from the EUB 2005 Reserves Report include:
- Remainingestablishedbitumen and conventional oil reserves total 175.6 billion barrels, consisting of bitumen at 174 billion barrels and 1.6 billion barrels of conventional oil.
- Bitumen production of 388 million barrels surpassed conventional oil production by over85percent in 2005 and averaged 1.06 million barrels per day.
- Bitumen production in Alberta has increased by 59 per cent (143 million barrels) annually since 2000.
- Conventional oil production decreased by two per cent in 2005 to 571,400 barrels per day.
- 60 per cent of 2005 conventional oil production was replaced through exploration, new drilling, and enhanced oil recovery programs.
- Alberta companies produced 4.9 trillion cubic feet of natural gas in 2005.
- Remaining established marketable gas reserves stood at 41 trillion cubic feet.
- Recoverable coalbed methane reserves stood at 741 billion cubic feet and contributed 2 per cent of Alberta ’s total natural gas production.
- Alberta ’s remaining established coal reserves are estimated at about 34 billion tonnes.
The EUB ensures that the discovery, development, and delivery of Alberta 's resources take place in a manner that is fair, responsible, and in the public interest.
-30-
Alberta 's Reserves 2005 and Supply/Demand Outlook 2006-2015 is available online at http://www.ercb.ca
For more information contact:
Darin Barter
EUB Communications
Tel: (403) 297-4116
Cellular: (403) 651-9487
Email: darin.barter@gov.ab.ca
Link to Neil McCrank’s speech to the Calgary Chamber of Commerce, June 15, 2006
Alberta ’s Reserves 2005 and Supply/Demand Outlook 2006-2015
| Reserves and Production Summary 2005 |
|
|
Crude Bitumen |
Crude Oil |
Natural Gas |
Coal |
|
million cubic
metres |
billion barrels |
million cubic metres |
billion barrels |
billion cubic metres |
trillion cubic feet |
billion tonnes |
billion tons |
| Initial in-place |
269,254 |
1,694 |
10,278 |
64.7 |
7,849 |
279 |
94 |
103 |
| Initial established |
28,392 |
179 |
2,704 |
17.0 |
4,672 |
166 |
35 |
38 |
| Cumulative production |
791 |
5.0 |
2,449 |
15.4 |
3,552 |
126 |
1.27 |
1.39 |
| Remaining established |
27,601 |
174 |
255 |
1.6 |
1,120 |
40 |
34 |
37 |
| Annual production |
61.7 |
0.388 |
33 |
0.209 |
134 |
4.8 |
0.033 |
0.036 |
NR2006-024
