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B.C.’S
ESTABLISHED GAS RESERVES CONTINUE UPWARD TREND |
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VICTORIA – For the seventh
straight year, B.C.’s established natural gas reserves have increased, and B.C.
is the only jurisdiction in North America able to make that claim, said Energy,
Mines and Petroleum Resources Minister Richard Neufeld.
“Industry activity in the province continues to be
rewarded by reserve discoveries that support the provincial economy now, and
into the future,” Neufeld said. “I am pleased to see that this is the seventh
year in a row that these figures represent the highest established natural gas
reserves in the province’s history.”
The BC Oil and Gas Commission report, Hydrocarbon and
By-product Reserves in British Columbia 2007, shows exploration and development
activities added to raw gas reserves have replaced 177 per cent of natural gas
production in 2007. This is the highest level in the province’s history.
The report shows that there is significant potential for
increased activity for natural gas development. Higher interest spurred on by
advances in technology has led to increased drilling and production which in
turn has allowed producers to replace natural gas reserves at a faster rate
then they are being depleted.
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 reservoir
and economic conditions.
The
BC Oil and Gas Commission is an independent Crown agency and the regulator of
oil and natural gas activities within B.C. The commission has regulatory
responsibility for industry activity from the first phases of exploration and
development, through to facilities, operation and decommissioning. Among its
more specific objectives are safety, conservation of petroleum resources, fostering a healthy environment, and equitable
participation in production.
For more information, visit the OGC website at www.ogc.gov.bc.ca. To purchase a copy of
the report, contact Crown Publications Inc. at www.crownpub.bc.ca or call 250 386-4636.
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contact: |
Public Affairs Officer Ministry of Energy, Mines and Petroleum Resources 250 952-0628 250 213-6934 (cell) |
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For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca. |
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