Sunday, August 31, 2008

B.C. natural gas finds exceed production

More good news. At the end of 2007 British Columbia, Canada, had more reserves of natural gas than at the beginning.

Solving two equation on the back of an envelope finds that British Columbia's 2007 production was about 27.3 billion cubic meters and new discoveries was 48.3 billion. On a flat line basis at the end of 2006 there was enough for 17 years like 2007. At the end of 2007 they had the reserves for 17.7 years.

Vancouver Sun:
Energy companies, in 2007, discovered almost twice the amount of natural gas as British Columbia produced during the year, raising provincial gas reserves to a new high. B.C. had almost 483 billion cubic metres of remaining raw gas reserves, compared with 462.4 billion cubic metres at the end of 2006, according to the B.C. Oil and Gas Commission's latest report on hydrocarbon and by-product reserves. Alex Ferguson, the commission's CEO, said high levels of exploration and technological improvements helped boost discoveries in 2007 that were 177 per cent in excess of natural gas production during the year.