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News Release

ERCB Releases Updated Reserves Report and Supply/Demand Outlook

Calgary, Alberta (June 5, 2008) The Energy Resources Conservation Board (ERCB) has released its annual report Alberta’s Reserves 2007 and Supply/Demand Outlook 2008-2017. This report is an independent source of information on the state of reserves and the supply and demand for Alberta’s diverse energy resources: crude bitumen, crude oil, natural gas, natural gas liquids, coal, and sulphur. It includes estimates of reserves at December 31, 2007, and a 10-year supply/demand forecast for each resource. The report also includes historical data for energy resources production.

The report notes the following:

• In 2007, bitumen production surpassed conventional oil production by over 250%. Bitumen production of 482 million barrels averaged 1.32 million barrels per day (an increase of 5% over 2006), compared to conventional oil production of 191 million barrels, or 524,800 barrels per day (a decrease of 3.5% from 2006).
• The ERCB expects Alberta’s annual bitumen production to increase to more than one billion barrels by 2017.
• Alberta’s total remaining established bitumen and conventional oil reserves totaled 174.2 billion barrels, consisting of bitumen (172.7 billion barrels) and conventional oil (1.5 billion barrels).
• Remaining established marketable conventional and coalbed gas reserves stood at 39 trillion cubic feet (measured at standard conditions).
• Alberta’s remaining established coal reserves are estimated at about 37 billion tons.

The ERCB ensures that the discovery, development, and delivery of Alberta’s energy resources 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. ST98-2008: Alberta’s Reserves 2007 and Supply/Demand Outlook 2008-2017 is available on the ERCB Web site at www.ercb.ca or from ERCB Information Services, Main Floor, 640 - 5 Avenue SW, Calgary, Alberta, T2P 3G4.

For more information, please contact
Bob Curran, ERCB Communications
Phone: 403-297-3392
E-mail: bob.curran@ercb.ca

NR 2008-11
 
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