Alberta sitting on nearly 1.5 trillion barrels, says ERCB
CALGARY - A re-evaluation of emerging oilsands areas and advances in production technology have pushed Alberta`s bitumen resources toward 1.5 trillion barrels in 2009, according to a report by the Energy Resources Conservation Board.
According to the ERCB`s annual reserve report, which will be officially released today, the increase was driven by a re-evaluation of the largely untapped Grosmont deposit, which is now said to contain 406 billion barrels in the ground waiting for the right technology to extract it.
In situ oilsands production grew 14 per cent last year, along with a 14 per cent increase in mining output due in large part to the startup of Canadian Natural Resources` Horizon mine, the report notes. But in situ is expected to be the strongest driver of future activity, said Carol Crowfoot, the board`s chief economist and report co-author.
"Particularly on the in situ side, we`re forecasting quite a growth rate for the next 10 years, due to the SAGD (steam assisted gravity drainage)," she said.
In situ oilsands production now accounts for about half of the 1.49 million barrels of bitumen produced per day, a figure that is expected to double to 3.2 million barrels per day by the end of the decade, the report said.
The Grosmont is a lesser-known fourth oilsands area — after Athabasca, Peace River and Cold Lake — that is unique because the bitumen is contained in limestone instead of sand. Producers have known about the Grosmont carbonates for decades, but lacked practical ways of getting it out of the ground.
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