Tuesday, August 12, 2008

Oil and Gas in BC

A lot of people are worrying about offshore oil and gas in BC, but that potential is only one part of the uptapped potential for oil and gas in BC.

The offshore holds about 10 000 000 000 barrels of oil, but on land the Nechako basin holds about 5 100 000 000 barrels of oil. The Bowser - Sustut basin holds another 2 600 000 000 barrels. We are more likely to see oil drilling from Williams Lake to Burns Lake than off shore.

The two uptapped basins on land should eventually lead to a 1 000 000 a day production for 23 years. These fields would add more than one percent to the global daily production.

Neither basin has been very well explored and the numbers are very conservative estimates, there is a potential for a much larger amount as drilling starts and extraction technologies improve.

The oil from these two basins will add several billion dollars more income to the provincial government each year for the life of the fields.

These basins also have gas potential. Another 16 trillion cubic feet.
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