News Release 2017-02-28_2

 

News Release 2017-02-28_2

News Release 2017-02-28_2 (AERNR-2017-04)

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The AER releases Annual Reserves and Supply/Demand Outlook Report online

For immediate release

Calgary, Alberta (Feb 28, 2017)…

The Alberta Energy Regulator’s (AER’s) annual reserves and supply/demand outlook is out, and it’s easier to use than ever.

Fast Facts

  • Alberta is Canada’s largest producer of natural gas and oil.
  • Alberta produced 67 per cent of Canada’s natural gas and 81 per cent of Canada’s oil last year.
  • Bitumen represented more than 60 per cent of Canada’s total oil production in 2016.
  • Crude oil prices dropped 11 per cent in 2016.
  • The AER expects oil to average US$53.00 per barrel in 2017.

The interactive online approach to ST98: 2017 Alberta's Energy Reserves & Supply/Demand Outlook allows users to find, customize, and create figures and data according to their specific needs. 

Published since 1961, ST98 reports on Alberta’s energy resources, how they are produced, and how they are used.

“While ST98 might seem like a technical report best approached by economists, there are stories in the numbers—stories about the economy, Alberta, and its resources that have wide-ranging consequences,” explained Carol Crowfoot, vice-president of Regulatory Development & Economics at the AER. “The format brings these stories to the forefront, giving an all-encompassing view of Alberta’s energy landscape, now and for the next ten years.”

According to ST98, Alberta remains the largest producer of natural gas and oil in Canada, despite crude oil prices dropping 11 per cent in 2016.

The AER’s report highlights remaining reserves and historical production of Alberta’s bitumen, oil, coal, natural gas, natural gas liquids, and sulphur in 2016. The report also examines production and demand trends to 2026, giving industry and investors information they can use to assess investment opportunities in Alberta’s energy sector.

“It’s important to understand that the information contained in this report is holistic and unbiased. It is generated independently by the AER’s technical staff, as opposed to many other jurisdictions that rely on industry surveys,” Crowfoot emphasized. 

This annual reserves report is an important tool used in tracking energy development in the province, and it helps the AER deliver on its mandate to ensure that development is safe and environmentally responsible.

The Alberta Energy Regulator 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.


FOR BROADCAST USE
The Alberta Energy Regulator’s (AER’s) annual reserves and supply/demand outlook report for Alberta’s bitumen, oil, coal, natural gas, natural gas liquids, and sulphur resources has been released. The AER expects the price of North American crude oil to average US$53.00/barrel in 2017 and says expenditures in Alberta’s energy sector was down an estimated 35 per cent in 2016. The online report is on aer.ca.

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For more information, please contact:

Kate Bowering, AER Public Affairs
Phone: 403-297-8724
E-mail: kate.bowering@aer.ca
Media line: 1-855-474-6356

AERNR-2017-04