Still Going Strong

I often refer to the results of The Energy Resources Conservation Board’s (ERCB) findings in my presentations and I was happy to see this year that the results highlighted another solid year and a bright future for our industry. The report, Alberta’s Reserves 2010 and Supply/Demand Outlook 2011-2020, showed over 2,300 successful oil wells were drilled in 2010 – more than double from 2009. Furthermore, according to the report, the total amount of oil sands produced represents an 8 per cent increase since 2009 with 589 million barrels being the 2010 yearly total (i.e., on average, 1.61 MBbl/d).

These are great numbers. This means that our industry is continuing to deliver economic benefits for the province and across the country. And, the expectation is that these numbers will just continue to grow. The ERCB forecasts a total of 1.3 billion barrels per year (i.e., on average, 3.56 MBbl/d) by 2020. The results underline the need for our resource to meet growing energy demands. Since 1967 when the industry began, Alberta has produced 7.5 billion barrels of raw crude bitumen from the oil sands and crude oil production has produced 16 billion barrels. I know that our industry will continue to play a key role as an economic driver through the development of this great resource.

For more information on the report and other highlights, please visit www.ercb.ca.