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CANADIAN OIL AND GAS RESERVES CONTINUE TO SLIP

Aug. 31, 1992

Canadian oil and gas reserves continued to slide in 1991. The Canadian Petroleum Association said oil reserves declined 2.9% last year and natural gas reserves fell 0.7%. Conventional crude reserves declined 6.7% to 4.1 billion bbl. Gas reserves in producing regions dropped slightly to 71.2 tcf. The industry replaced only 32.4% of conventional oil production and 86.9% of gas production in 1991.

Canadian oil and gas reserves continued to slide in 1991.

The Canadian Petroleum Association said oil reserves declined 2.9% last year and natural gas reserves fell 0.7%.

Conventional crude reserves declined 6.7% to 4.1 billion bbl. Gas reserves in producing regions dropped slightly to 71.2 tcf.

The industry replaced only 32.4% of conventional oil production and 86.9% of gas production in 1991.

CPA said reserves of oilsands bitumen from in situ projects fell 5.9%, but there was a 2.2% increase in bitumen reserves from surface mining operations to 2 billion bbl. Reserves of liquid petroleum gas also increased by 4.8% to 1.5 billion bbl.

Sulfur reserves at gas processing plants slipped 3.1% to 101.7 million metric tons in 1991, while sulfur reserves from synthetic oil production rose 5.1% to 13.5 million metric tons.

CPA Pres. Ian Smyth said the industry did well to replace as much oil and gas as it did, given the poor financial returns for most operators.