CANADIAN OILPATCH / CDN. ANNUAL RESERVES REPORT
Calgary, Alberta The Canadian Association of Petroleum Producers (CAPP) released its annual estimates of Canada's crude oil and natural gas reserves at year-end 1995. Dennis Sharp, CAPP Chairman and president/CEO of CS Resources Limited, reported that Canada's remaining reserves for crude oil and equivalent and natural gas increased from year-end 1994. Mr. Sharp noted that, "industry's commitment to the western sedimentary basin is demonstrated by high levels of drilling and investment over the last two years and into 1996. Improved reserves replacement rates have resulted from high activity levels."
A summary of significant reserves changes for 1995 follows.
Conventional crude oil
Conventional areas:
Canadian reserves at year-end of 3,701 million barrels remained essentially unchanged from 3,707 million barrels at year-end 1994. Alberta replaced 72 per cent of its 1995 production compared to 54 per cent in 1994. Reserves decreased 3.7 per cent from 2,577 million barrels in 1994 to 2,482 million barrels. Saskatchewan additions replaced 172 per cent of 1995 production resulting in a 9.5 per cent increase in remaining reserves.
Frontier:
Additions replaced production on the eastcoast offshore due to a reassessment of the Panuke/Cohasset project.
Natural gas
Conventional areas:
Reserves additions replaced approximately 120 per cent of last year's production resulting from the high level of gas drilling over the last three years. Year-end 1995 reserves of 68.5 tcf were 1.6 per cent above the 1994 estimate of 67.4 tcf. Alberta replaced 116 per cent of its 1995 production. British Columbia year-end 1995 reserves increased 4.7 per cent to 9.0 tcf from 1994.
Synthetic crude oil/bitumen:
Developed synthetic crude oil reserves increased by 614 million barrels to 2,567 million barrels. The increase is due to a change in methodology; CAPP now utilizes reserves information provided by project operators. Developed bitumen reserves increased by 175 million barrels to 1,242 million barrels based on a survey of project operators.
Mr. Sharp expressed CAPP's appreciation to the Alberta Energy and Utilities Board, the British Columbia Ministry of Employment and Investment and other provincial energy departments for their contribution to the review process.
Detailed reserves information and other upstream petroleum industry data, including production, drilling, expenditures and revenues, are published in CAPP's Statistical Handbook, available in hard copy or on diskette.
CAPP represents approximately 180 exploration and production companies accounting for 95 per cent of Canada's oil and gas production. CAPP also has 115 associate members who provide the broad range of services that support the infrastructure of this country's upstream petroleum industry. |
