AER releases annual reserves outlook
For immediate release
Calgary, Alberta (Jun 07, 2019)…
With bitumen, crude oil, natural gas, natural gas liquids, and coal beneath its surface, Alberta has one of the largest energy reserves in the world. Every year, the Alberta Energy Regulator (AER) releases a report that provides insights into how these resources are produced and how they are used. This year’s report—ST98: Alberta Energy Outlook—is now available online and allows readers to easily select, customize, and create figures.
Alberta Energy Outlook is the product of hundreds of data sources and scientific reports, economic and reserve models, and calculations. This year’s report reviews data from 2017-18, with projections up to 2028.
These are the major takeaways from this year's Alberta Energy Outlook:
- Alberta remains the largest producer of natural gas and oil in Canada. In 2018, Alberta produced 66 per cent of Canada’s natural gas and 82 per cent of Canada’s oil. More than 65 per cent of Canada’s total oil output was from marketable bitumen in Alberta’s oil sands.
- In 2018, the price of West Texas Intermediate increased by 27 per cent, averaging over US$64.74 per barrel. By the end of 2018, the price of Western Canadian Select started to catch up to the North American benchmark—narrowing the difference to under $16.00 per barrel.
- Although drilling for crude oil and bitumen contributed to an overall increase in drilling of almost 5 per cent in 2018, marketable natural gas production decreased by 1.4 per cent.
- As coal-generated power is phased out, we expect to see increased demand for natural gas in the oil sands sector.
- Capital expenditures in Alberta’s oil and gas sectors decreased by 6 per cent.
The AER ensures the safe, efficient, orderly, and environmentally responsible development of hydrocarbon resources over their entire life cycle. This includes allocating and conserving water resources, managing public lands, and protecting the environment while providing economic benefits for all Albertans.
– 30 –