A new federal-provincial study has concluded
that naturas gas reserves contained in the Montney Formation that
straddes British Columbia and Alberta are more than double than
previously estimated, equivalent to 145 years of supply at
Canada's current consumption levels.
Prepared jointly by Canada's National Energy Board, the
Alberta Energy Regulator, B.C.'s newly-created Ministry of
Natural Gas Development and the B.C. Oil & Gas Commission, the
study assesses for the first time the unconventional petroleum
resource potential of the Montney Formation. The study's
findings include the following:
the ultimate potential for unconventional petroleum in the
Montney Formation is estimated at 12,719 billion m3 (449
Tcf) of marketable natural gas, 2,308 million m3 (14,521
million barrels) of marketable natural gas liquids (NGLs) and 179
million m3 (1,125 million barrels) of marketable
B.C.'s share of the Montney Formation's estimated
marketable unconventional natural gas, NGL and oil reserves are 271
Tcf, 12,647 million barrels and 29 million barrels, respectively,
compared to Alberta's share of 178 Tcf, 1,874 million barrels
and 1,096 million barrels, respectively;
volumes of marketable oil, located almost entirely in Alberta,
remain highly uncertain as areas richest in Montney unconventional
oil tend to be in shallower areas where development is less
certain. Alberta's marketable NGL volumes are similarly
uncertain for the same reason; and
when combined with prior assessments of conventional natural
gas resources, the study's findings indicate that the total
ultimate natural gas potential in the Western Canada Sedimentary
Basin has more than doubled to 23,249 billion m3 (821
Tcf), with 17,898 billion m3 (632 Tcf) remaining
after substracting cumulative production to the end of 2012.
The study confirms the Montney Formation's status as one of
the largest natural gas resources in the world, and prompted
B.C.'s Minister of Natural Gas Development Rich Coleman to
state that "now, more than ever before, B.C. can supply energy
needs at home and abroad. The Montney area will support economic
activity in our province for a very long time as a supply hub for
liquefied natural gas development."
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