Daily Oil Bulletin reports Canada's total proved oil and liquids reserves continued to climb in 2010, rising to just under 22bn barrels, up 6.6% from year end 2009. About 77% of the booked reserves came from Alberta's oil sands.
The news comes as Canada’s oil sands come under increased scrutiny: the Vancouver Sun reported on Monday that the federal government deliberately excluded data indicating a 20% increase in annual pollution from Canada’s oil sands industry in a report to the UN. Last week during Congressional hearings it was revealed that the oils sands are poised to become the number one source of crude for the US.
Daily Oil Bulletin data shows producers added 490.87m barrels of proved, conventional oil and liquids reserves through discoveries and extensions last year – the biggest gain since 2006 – as companies targeted tight and conventional oil drilling in a period of buoyant crude prices.
A total of six companies reported proved oil and liquids reserves of one billion barrels or more: Canadian Natural Resources (3.43bn, up 10% from the prior year), Suncor (3.4bn), Imperial Oil Limited (2.45bn), Shell Canada Limited (1.65bn), Cenovus Energy (1.43bn) and ConocoPhillips Canada (1.38bn).
“Producers added 490.87m barrels of proved, conventional oil and liquids reserves through discoveries and extensions last year – the biggest gain since 2006 – as companies targeted tight and conventional oil drilling in a period of buoyant crude prices.”
“The numbers, uncovered by Postmedia News, were left out of the report, a national inventory on Canada’s greenhouse gas pollution. It revealed a six per cent drop in annual emissions for the entire economy from 2008 to 2009, but does not directly show the extent of pollution from the oilsands production, which is greater than the greenhouse gas emissions of all the cars driven on Canadian roads.
The data also indicated that emissions per barrel of oil produced by the sector is increasing, despite claims made by the industry in an advertising campaign.”
“According to testimony before the US Congress concerning the construction of the $7bn Keystone XL pipeline extension from Alberta to Texas, crude produced by Canada’s oil sands, which represent just over half the country’s total production, has already surpassed the total volume of imports from the US number two supplier Mexico.”
“Green Century Capital Management filed a shareholder resolution with ExxonMobil to disclose information about its investments in Canadian oil sands as it exposed the oil giant to significant financial and regulatory risks, Triple Pundit reported on Thursday.”