Natural Gas Reserves Hit Historical High In B.C.
July 31, 2006, VICTORIA – The British Columbia Oil and Gas Commission released a report today showing the province’s estimated raw gas reserves are the highest ever in history, said Richard Neufeld, Minister of Energy, Mines and Petroleum Resources and Minister responsible for the OGC.
“Studies have revealed that British Columbia’s reserves of natural gas continue to expand, which is good news for gas operators, customers and all British Columbians,” Neufeld said. “The abundance of natural gas can play a key role in meeting energy needs and driving the provincial economy well into the future.”
The report, Hydrocarbon and By-product Reserves in British Columbia 2005, shows British Columbia has 444.6 billion cubic metres, or 15.8 trillion cubic feet, of remaining raw gas reserves. This is the highest level in the province’s history, representing a 14 per cent increase over 2004 year-end raw gas reserves and 51 per cent over 2000. While raw gas production increased by five per cent in 2005 over 2004, the ratio of reserves to production grew for the third consecutive year to 15.9 years.
“There has been a significant increase in drilling to access British Columbia’s prolific reserves of natural gas,” said Ross Curtis, commissioner of the OGC. “In 2005, 1,418 oil and gas wells were drilled in the province, which is close to 11 per cent higher than in 2004 and more than 60 per cent higher than in 2001.”
The estimates reported include natural gas reserves that are recoverable using current technology. The results are based on production, geological and technical data, which provides reasonable certainty that the reported reserves exist. Valuations in the report are based on present and anticipated economic conditions.
The OGC calculates and reports on reserves annually as part of its efforts to encourage the safe, sustainable development of natural gas in British Columbia. The OGC works to ensure a safe, thriving oil and gas industry that maximizes benefits as part of its commitment to regulate the province’s industry in the best interests of all British Columbians.
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