Alberta’s energy reserves are among the world’s largest and include bitumen, crude oil, natural gas, natural gas liquids, and coal.
Topping this list is bitumen from the province’s oil sands deposits, with
remaining established reserves of 165 billion barrels in 2016—truly a world-class resource. To put things into perspective, 12.3 billion barrels of bitumen have been extracted since the late 1960s.
At 897 million barrels per year (or 2.45 million barrels per day), raw crude bitumen production accounted for 84 per cent of Alberta’s total crude oil and bitumen production in 2016. Bitumen production in 2016 decreased by 4 per cent for mining projects and by 2 per cent for in situ projects, resulting in an overall raw bitumen production decrease of about 3 per cent over 2016.
In Alberta, crude oil production decreased by 16 per cent in 2016. Conventional natural gas remaining established reserves were 28.2 trillion cubic feet (Tcf) in 2016, while total production was 3.8 Tcf. Total natural gas liquids production increased by 4 per cent in 2016.
In 2016, our remaining established reserves of coal decreased slightly to 36.6 billion tons, while only 28 million tons of marketable coal were produced. Alberta’s energy resources significantly contribute to both Alberta’s and Canada’s economies. In 2016, the value of our energy resource production was $56.1 billion. The AER forecasts that in 2017, the value of energy commodities will rebound to higher levels with the return of higher oil and natural gas prices.