CALGARY, Nov. 6, 2013 /CNW/ - The National Energy Board (NEB or Board), the British Columbia Oil and Gas Commission, the Alberta Energy Regulator, and the British Columbia Ministry of Natural Gas Development jointly released the first study ever to estimate the marketable unconventional petroleum resources in the Montney Formation.
Recent advances in technology, such as multi-stage hydraulic fracturing, have made it possible to economically develop unconventional gas and oil in the Montney Formation over the past several years, but little had been known about its total potential. The report estimates that there is approximately:
- 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 oil.
Although the findings for marketable NGLs and oil are notable, the estimated quantity of natural gas is extensive.
"At current consumption rates the Montney gas resource would meet Canadian needs for 145 years," said Gaétan Caron, the NEB's Chair and CEO. "The report clearly shows that Canadian energy markets will be well supplied with natural gas far into the future."
By combining the Montney's marketable gas estimate with prior assessments, the total ultimate potential remaining in Western Canada is 17,898 billion m3 (632 Tcf). This estimate is likely to increase as additional unconventional potential from other formations is estimated.
Overall, Canada has a very large remaining natural gas resource base in Western Canada to serve its markets into the future.
The Montney Formation is roughly located in northeast British Columbia, south of Fort Nelson and spread into northwest Alberta past Grande Prairie (Figure 1).
For more information on resources in the BC portion of the Montney Formation, please contact:
BC Ministry of Natural Gas Development
BC Oil and Gas Commission
250 794 5264
For more information on resources in the Alberta portion of the Montney Formation, please contact:
Alberta Energy Regulator
403 297 4116
The National Energy Board is an independent federal regulator of several parts of Canada's energy industry with the safety of Canadians and protection of the environment as its top priority. Its purpose is to regulate pipelines, energy development and trade in the Canadian public interest. For more information on the NEB and its mandate, please visit www.neb-one.gc.ca.
This news release is also available on the Board's Internet site under What's New!
Image with caption: "Figure 1. Generalized map showing the location of the Montney Formation. Modified from the Geological Atlas of the Western Canada Sedimentary Basin. (CNW Group/Government of Canada)". Image available at: http://photos.newswire.ca/images/download/20131106_C4630_PHOTO_EN_33050.jpg
SOURCE: Government of Canada
For further information:
TTY (teletype): 1-800-632-1663