NEWS RELEASE
For Immediate Release 2008EMPR0058-001523 Oct. 8, 2008	Ministry of Energy, Mines and Petroleum Resources
OIL AND GAS WEEK RECOGNIZES GROWING INDUSTRY

FORT ST. JOHN – The Province has proclaimed Oct. 5-11 as Oil and Gas Week in B.C. in recognition of the record-breaking year in positive revenue and industry growth, announced Energy, Mines and Petroleum Resources Minister Richard Neufeld.

 

“Since 2001, the oil and gas industry in B.C. has seen unprecedented growth and investment,” said Neufeld. “During the 1990s the province averaged $464 million dollars in revenue; today we are generating $2 billion in direct revenue from our oil and gas industry. Capital investment was approximately $1.1 billion in the 1990s and today it’s $4 billion.”

 

Oil and Gas Week will coincide with the 2008 Oil and Gas Conference which is taking place in Fort St. John this week, and which Minister Neufeld will attend and provide opening remarks.

 

Revenue from oil and gas land right sales have topped $2 billion in fiscal year 2008 which is almost double what was received in 2007.  July’s oil and gas land rights sales shattered 10 key oil and gas land rights sales records.

 

Northeast B.C. has an ultimate potential for marketable conventional gas of 51.9 Tcf (trillion cubic feet). The remainder of B.C., including offshore areas, has an estimated potential conventional resource of up to 60 Tcf (gas-in-place). In addition, onshore unconventional resources are estimated to be at least five times the conventional ones, with the Horn River Basin being the largest shale gas play in Canada.

 

“Our government is committed to encouraging growth in the oil and gas industry, and is continuing to work with companies, industry, First Nations and local governments to ensure that the future provides access to jobs, economic growth and opportunities for all British Columbians,” added Neufeld.

 

            For more information on oil and gas land rights sales or additional statistics on oil and gas, please see the attached backgrounder or the Ministry of Energy, Mines and Petroleum Resources website: www.em.gov.bc.ca/.

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Note: The online version of this news release was updated on Oct. 8, 2008, to correct an error.

 

1 backgrounder(s) attached.
Media contact:	Jake Jacobs Public Affairs Officer Ministry of Energy, Mines and Petroleum Resources 250 952-0628 250 213-6934 (cell)
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