This article was last updated on April 16, 2022
Canada: 
Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
USA: Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
The Energy Resources Conservation Board (ERCB) has released its annual report Alberta’s Reserves 2009 and Supply/Demand Outlook 2010-2019. The ERCB report is a source of information on the state of reserves and the supply and demand outlook for Alberta’s diverse energy resources: crude bitumen, crude oil, natural gas, natural gas liquids, coal, and sulphur.
In 2009, Alberta produced 1.49 million barrels per day of raw crude bitumen from the oil sands. The 2009 yearly total of 544 million barrels produced from the oil sands represents a 14% increase over Alberta’s 2008 oil sands production.
The report notes that, since 1967, Alberta has produced 6.99 billion barrels of raw crude bitumen from the oil sands and conventional oil production has produced 16 billion barrels of crude oil since the industry began.
Also in 2009, Alberta’s conventional oil production totaled 461,300 barrels of oil per day with a yearly total of 169 million barrels. This is an 8.6% reduction from 2008.
The ERCB also forecasts Alberta’s annual bitumen production will total 3.2 million barrels per day for a total of 1.2 billion barrels per year by 2019.
Other report highlights include:
- The ERCB’s re-evaluation of the Athabasca Grosmont oil sands area results in a 28% increase to in-place bitumen resource.
- Alberta’s total remaining established bitumen and conventional oil reserves totaled 171.3 billion barrels, consisting of bitumen (169.9 billion barrels) and conventional oil (1.4 billion barrels).
- Remaining established marketable conventional gas reserves stood at 37.5 trillion cubic feet.
- Remaining established coalbed methane gas reserves stood at 2.3 trillion cubic feet.
- Alberta’s remaining established coal reserves are estimated at about 37 billion tons.
This is the reason for the latest royalty review moving the Alberta take downwards.
As production increases further reductions in royalty will take place. The only thing to guess about is how this Government is going to dress it up; what kind of dog and pony show they will put on.