Oil bringing billions to Canadian economy says National Energy Board report

    CALGARY, May 12 /CNW/ - Record-high oil prices fuelled a seven per cent
rise in Canadian crude production last year said the National Energy Board in
its Canadian Energy Overview 2007 report.
    The report, released today, said Canada pumped an average of
441,128 cubic metres (2.8 million barrels) of crude oil per day last year,
with almost half coming from Alberta's oil sands. Oil sands investment jumped
17 per cent from 2006 to $18 billion in 2007.
    Canada remains self-sufficient in terms of meeting its own energy needs
and in 2007, the industry accounted for nearly 20 per cent or $90 billion of
the total value of Canadian exports. Canada exported an average of
294,411 cubic metres (1.85 million barrels) of crude oil per day in 2007 worth
more than $41 billion, compared to $39.3 billion in 2006. More than half of
Canada's crude oil exports flowed to the U.S. Midwest. According to the Energy
Information Administration, Canada supplies nearly 20 per cent of U.S. daily
crude oil imports, more than any other nation.
    "Canada's vast natural resources are the envy of many nations. These
resources benefit Canadians in all regions across the country, whether it be
through employment, goods and services or government revenue," said National
Energy Board Chair Gaétan Caron.
    "At the same time, as I travel this country and listen to Canadians, it
is clear to me that we, as a country are beginning to recognize that with this
prosperity comes a responsibility to make sustainable choices. While much
remains to be done, I believe that Canadians have the capacity, the know-how
and the will to continue this journey towards a sustainable future."
    Canadian net electricity exports in 2007 were nearly double the five-year
average of 15.7 terawatt hours generating approximately $3.1 billion in
revenue. While domestic electricity demand was met in 2007, the report pointed
to the need for new or upgraded electricity transmission facilities as a
result of Canada's growing population and economy.
    While Canadian natural gas production fell slightly to 475 million cubic
metres (16.8 billion cubic feet) per day, exports rose 4.4 per cent to
258 million cubic metres (9.1 billion cubic feet) per day in 2007. However,
the average export price was about five per cent lower in 2007 and therefore
the $24.3 billion generated from net natural gas exports was nearly identical
to 2006 revenues.

    The NEB is an independent federal agency that regulates several parts of
Canada's energy industry. Its purpose is to promote safety and security,
environmental protection, and efficient energy infrastructure and markets in
the Canadian public interest, within the mandate set by Parliament in the
regulation of pipelines, energy development and trade. As part of its mandate
the NEB monitors the supply of all energy commodities in Canada and publishes
reports on energy, called Energy Market Assessments.

    This news release, FAQs and the Canadian Energy Overview 2007 Report are
available on the Board's Internet site at www.neb-one.gc.ca under What's New!

For further information: Sarah Kiley, sarah.kiley@neb-one.gc.ca,
Communications Officer, Telephone: (403) 299-3633, TTY (teletype):
1-800-632-1663; For a copy of Canadian Energy Overview 2007: National Energy
Board Library, Telephone: (403) 299-3561, Email: publication@neb-one.gc.ca