News Release 2012-06-20

 

News Release 2012-06-20

News Release 2012-06-20 (NR2012-06)

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ERCB reports show 7% growth in conventional crude oil production and revised in-place estimates of four bitumen deposits

For immediate release

Calgary, Alberta (Jun 20, 2012)… The Energy Resources Conservation Board (ERCB) has released Alberta's Energy Reserves 2011 and Supply/Demand Outlook 2012–2021, which outlines the state of reserves and the supply and demand outlook for Alberta's diverse energy resources: crude bitumen, crude oil, natural gas, natural gas liquids, coal, and sulphur.

In 2011, Alberta’s crude oil production totaled 77.9 thousand cubic metres (m3) (490 thousand barrels) of oil per day with a yearly total of 28.4 million m3 (179 million barrels). This is a 7 per cent increase from 2010, the first rise in production since 1995. This increase is due to the higher production rates of horizontal wells.

The Athabasca Upper, Middle, and Lower Grand Rapids deposits and the Athabasca Nisku deposit were reassessed for year-end 2011. The review of the three Grand Rapids deposits resulted in a 7 per cent increase of the total in-place crude bitumen resource to 9.3 billion m3 (58.4 billion barrels), which is attributed to an increased number of wells drilled in the area. The reassessment of the Nisku deposit resulted in a 57 per cent increase of the in-place resource to 16.2 billion m3 (102 billion barrels), which is attributed to an increase in average thickness and an expansion of the delineated resource area.

In 2011, Alberta produced 277 thousand m3 (1.7 million barrels) per day of raw crude bitumen from the oil sands for a yearly total of 101 million m3 (637 million barrels) or an 8 per cent increase over Alberta’s 2010 oil sands production.

The ERCB forecasts Alberta’s annual raw crude bitumen production will total 587.3 thousand m3 (3.7 million barrels) per day for a total of 214 million m3 (1.35 billion barrels) per year by 2021.

The report notes that, since 1967, Alberta has produced about 1.3 billion m3 (8.1 billion barrels) of raw crude bitumen from the oil sands and has produced about 2.6 billion m3 (16.5 billion barrels) of crude oil since 1914.

Other report highlights include:

  • Alberta's total remaining established crude bitumen and crude oil reserves totaled 27.0 billion m3 (170.2 billion barrels), consisting of 26.8 billion m3 (168.6 billion barrels) of crude bitumen and
    245.9 million m3 (1.5 billion barrels) of crude oil
  • Remaining established crude oil reserves increased by a net 4 per cent, similar to the increase last year, as the cumulative result of reserves additions from 2011 drilling, reserve revisions, and production
  • Remaining established marketable conventional gas reserves stood at 945 billion m3 (33.5 trillion cubic feet), a decrease of 8 per cent from 2010
    Remaining established reserves of natural gas liquids stood at 254.5 million m3 (1.6 billion barrels), down 3 per cent from 2010 Alberta’s remaining established coal reserves are down very slightly and stand at 33 billion tonnes (37 billion tons)

This report is available at www.ercb.ca

The ERCB is Alberta’s primary energy regulator. For almost 75 years, the ERCB has ensured the discovery, development and delivery of Alberta’s energy resources take place in a manner that is fair, responsible, and in the public interest. In assessing the public interest, the ERCB regards public safety, environmental stewardship and resource conservation.


FOR BROADCAST USE

The ERCB’s report outlines the state of reserves and the supply and demand outlook for Alberta's diverse energy resources. This year, the ERCB reports a seven per cent increase in crude oil production, an eight per cent increase in oil sands production, and an eight per cent decrease in conventional natural gas reserves. The full report can be found at www.ercb.ca.

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For more information, please contact:

John Ludwick, ERCB Communications
Phone: 403-560-9225
E-mail: John.Ludwick@ercb.ca
Media line: 1-855-474-6356

NR2012-06