East Coast boosts Canadian reserves

New East Coast crude oil reserves helped Canada replace 118% of production in 1997, says the Canadian Association of Petroleum Producers (CAPP). Canadian natural gas reserves fell by 1.1 tcf in 1997, reduced partly because of a downward adjustment of 3 tcf earlier this year by the Alberta Energy and Utilities Board. Gross additions of crude oil by yearend 1997 exceeded production by 91.7 million bbl. Reserves are now booked at 4.933 billion bbl, with 3.643 billion bbl in Western Canada.

Oct. 12, 1998

New East Coast crude oil reserves helped Canada replace 118% of production in 1997, says the Canadian Association of Petroleum Producers (CAPP).

Canadian natural gas reserves fell by 1.1 tcf in 1997, reduced partly because of a downward adjustment of 3 tcf earlier this year by the Alberta Energy and Utilities Board.

Gross additions of crude oil by yearend 1997 exceeded production by 91.7 million bbl. Reserves are now booked at 4.933 billion bbl, with 3.643 billion bbl in Western Canada.

Reserves for the Hibernia development project off Newfoundland increased by 96 million bbl to 615 million bbl. CAPP booked total East Coast reserves at yearend 1997 at 939 million bbl. East Coast reserves of natural gas declined to 64.2 tcf from 65.3 tcf. CAPP booked gas reserves of 2.5 tcf for the Sable Island area off Nova Scotia for the first time. Gas reserves in Western Canada were estimated at 61.3 tcf in 1997, down from 64.9 tcf at yearend 1996. Reserves of synthetic crude oil were unchanged at 2.346 million bbl.