CAPP: Estimates reveal Canadian oil sands reserves increased 'substantially' in 2002

By OGJ editors
HOUSTON, Nov. 24 -- The Canadian Association of Petroleum Producers' yearly estimate of crude oil and natural gas reserves revealed that Canadian oil sands reserves rose substantially in 2002. "[Canadian] companies replaced 162% of their production to push remaining oil sands reserves to 6.9 billion bbl," CAPP reported.

Oil sands production reached 268 million bbl in Canada in 2002 compared with reserve additions of 434 million bbl at yearend 2001, CAPP said.

"The ongoing development of Canada's oil sands plays an important role in the industry. Oil sands accounted for just over half of the gross additions to Canada's crude oil and equivalent reserves in 2002," said John Dielwart, CAPP board chairman. "Of the $24.7 billion [(Can.)] our industry invested in Canada in 2002, $6.7 billion was invested in oil sands projects," he said.

Conventional oil reserves
Conventional Canadian crude reserves, meanwhile, declined during 2002, reaching 370 million bbl in 2002, compared with 535 million bbl of crude produced a year earlier, resulting in a conventional crude replacement rate of 69%. "Overall, gross additions of crude oil and equivalent in Canada replaced 95% of oil sands, conventional crude oil, and pentanes production in 2002," CAPP reported

Among conventional resources, activity continued to migrate toward drilling for natural gas, CAPP noted. "Gas targets accounted for 68% of successful wells in 2002 with the focus primarily on shallow gas pools. New reserve additions of 5.3 tcf could not offset production of 6.4 tcf—resulting in a replacement rate of 84%," CAPP said.

CAPP has compiled Canadian oil reserves since 1951 and natural gas reserves since 1955. Estimates are based on a survey of operators of major pools and estimates from provincial governments and regulatory agencies for small pools.

Related Articles

Woodside to buy Apache's interests in Wheatstone, Kitimat LNG for $2.75 billion

12/22/2014 Woodside Petroleum Ltd. has agreed to acquire interest in the Wheatstone LNG and Kitimat LNG projects, respectively in Western Australia and Britis...

EIA: US proved oil, gas reserves continue to climb

12/15/2014 US proved reserves of oil and natural gas have increased by 9% and 10%, respectively, according a recent report from the US Energy Information Admi...

Falling prices may pose new test for China oil policies, speakers say

12/15/2014 China, which successfully revised its oil strategy in response to new technologies since 2008, could face fresh tests if prices stay low for a prol...

Encana plans to hit the ground running in Permian

12/12/2014 Encana Corp. has announced its second major acquisition in a Texas oil play this year, agreeing in September to acquire Permian basin-focused produ...

Uncertainty lingers about local content rules as Mexico prepares for competitive bid round

12/12/2014 The energy industry around the world has it eyes on Mexico as the country implements constitutional and legislative reforms that are set to open it...

Moody's: E&P spending to dip as crude oil prices slide

12/08/2014 Weakening crude oil prices will cut exploration and production spending by independent producers in the US next year and make integrated oil and ga...

US proved oil, gas reserves continue to climb

12/04/2014 US proved reserves of oil and natural gas have increased by 9% and 10%, respectively, according to the US Energy Information Administration. The 3....

US-African energy moves

12/01/2014 Getting electricity to more Africans is a top priority at the US Department of State's Bureau of Energy Resources (ENR), an official told a House F...

Global reserves, oil production show increases for 2014

12/01/2014 Oil & Gas Journal's annual look at worldwide proved reserves shows increases compared with a year ago. Reserves estimates for crude oil and lea...

White Papers

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...

Accurate Thermo-Fluid Simulation in Real Time Environments

The crux of any task undertaken in System Level Thermo-Fluid Analysis is striking a balance between ti...

6 ways for Energy, Chemical and Oil and Gas Companies to Avert the Impending Workforce Crisis

As many as half of the skilled workers in energy, chemical and oil & gas industries are quickly he...
Sponsored by

AVEVA NET Accesses and Manages the Digital Asset

Global demand for new process plants, power plants and infrastructure is increasing steadily with the ...
Sponsored by

AVEVA’s Approach for the Digital Asset

To meet the requirements for leaner project execution and more efficient operations while transferring...
Sponsored by

Diversification - the technology aspects

In tough times, businesses seek to diversify into adjacent markets or to apply their skills and resour...
Sponsored by

Engineering & Design for Lean Construction

Modern marketing rhetoric claims that, in order to cut out expensive costs and reduce risks during the...
Sponsored by

Object Lessons - Why control of engineering design at the object level is essential for efficient project execution

Whatever the task, there is usually only one way to do it right and many more to do it wrong. In the c...
Sponsored by

Available Webcasts



The Future of US Refining

When Fri, Feb 6, 2015

Oil & Gas Journal’s Feb. 6, 2015, webcast will focus on the future of US refining as various forces this year conspire to pull the industry in different directions. Lower oil prices generally reduce feedstock costs, but they have also lowered refiners’ returns, as 2015 begins with refined products priced at lows not seen in years. If lower per-barrel crude prices dampen production of lighter crudes among shale plays, what will happen to refiners’ plans to export more barrels of lighter crudes? And as always, refiners will be affected by government regulations, particularly those that suppress demand, increase costs, or limit access to markets or supply.

register:WEBCAST


Oil & Gas Journal’s Forecast & Review/Worldwide Pipeline Construction 2015

When Fri, Jan 30, 2015

The  Forecast & Review/Worldwide Pipeline Construction 2015 Webcast will address Oil & Gas Journal’s outlooks for the oil market and pipeline construction in a year of turbulence. Based on two annual special reports, the webcast will be presented by OGJ Editor Bob Tippee and OGJ Managing Editor-Technology Chris Smith.
The Forecast & Review portion of the webcast will identify forces underlying the collapse in crude oil prices and assess prospects for changes essential to recovery—all in the context of geopolitical pressures buffeting the market.

register:WEBCAST



On Demand

Optimizing your asset management practices to mitigate the effects of a down market

Thu, Dec 11, 2014

The oil and gas market is in constant flux, and as the price of BOE (Barrel of Oil Equivalent) goes down it is increasingly important to optimize your asset management strategy to stay afloat.  Attend this webinar to learn how developing a solid asset management plan can help your company mitigate costs in any market.

register:WEBCAST


Parylene Conformal Coatings for the Oil & Gas Industry

Thu, Nov 20, 2014

In this concise 30-minute webinar, participants have an opportunity to learn more about how Parylene coatings are applied, their features, and the value they add to devices and components.

register:WEBCAST


Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected