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Calgary, Alberta (May 29, 2014)…
The Alberta Energy Regulator’s (AER) annual reserves report, ST98: Alberta’s Energy Reserves 2013 and Supply/Demand Outlook 2014-2023 (ST 98) shows a continued trend of increased production and stable reserves in Alberta. The 2014 ST98 notes an 8 per cent growth in bitumen production and 5 per cent increase in crude oil production. These increases led to 974 million barrels of oil being produced in Alberta in 2013.
The AER forecasts Alberta’s annual raw crude bitumen production will rise to 643.9 thousand m3 (4.1 million barrels) per day for a total of 235 million m3 (1.5 billion barrels) per year by 2023.
Since 1967, Alberta has produced about 1.53 billion m3 (9.63 billion barrels) of raw crude bitumen from the oil sands and about 2.7 billion m3 (16.9 billion barrels) of crude oil since 1914.
Other report highlights include the following:
Alberta’s energy regulator, the Alberta Energy Regulator today published its annual reserves and production report. The report notes that Alberta produced nearly one billion barrels of oil from the oil sands and through conventional drilling in 2013. The production number includes 761 million barrels of bitumen from the oil sands, and a further 213 million barrels of crude oil production.
The regulator forecasts that Alberta oil production may increase to 1.5 billion barrels per year by 2023. Alberta has produced about 9.63 billion barrels of bitumen from the oil sands since 1967, and 16.9 billion barrels of crude oil since 1914.
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For more information, please contact:Darin Barter, AER Office of Public Affairs