Canadian Proved Oil And Liquids Reserves Climb Past 30 Billion Bbls

Suncor's MacKay River in situ project. (Photo courtesy Suncor Energy Inc.)

Canada’s total proved oil and liquids reserves climbed over 30 billion bbls in 2014, increasing 3.5 per cent to 30.08 billion bbls from 29.07 billion bbls at the start of the year.

About 83 per cent of the booked reserves came from Alberta’s oilsands.

Daily Oil Bulletin data on 129 companies show oil and liquids production topped the one-billion-bbl mark for the third straight year. Output increased 10 per cent in 2014 to 1.24 billion bbls from 1.13 billion bbls in 2013 and 1.06 billion bbls in 2012.

The same companies had a production replacement of 116 per cent (2013: 201 per cent). If revisions are included, the production replacement rate climbed to 179 per cent (2013: 245 per cent).

Companies pursuing oilsands projects dominated the top 10 ranking of producers with the most proved oil and liquids reserves.

Suncor Energy Inc. once again recorded the most proved oil and liquids reserves, as it did in 2013.

The company booked 4.44 billion bbls of proved oil and liquids reserves, off about two per cent from 4.54 billion bbls at the start of the year. The company produced 175 million bbls of oil and liquids last year.

Imperial Oil Limited moved up to second place from third the prior year. The company’s 2014 year-end proved reserves stood at 4.37 billion bbls, up about 11 per cent per cent from 3.94 billion bbls at the start of the year.

Last year’s No. 2, Canadian Natural Resources Limited, slipped to third place on the list. The company reported 4.21 billion bbls of proved oil and liquids reserves at year-end 2014, up 2.8 per cent from 4.1 billion bbls at the beginning of the year.

Canadian Natural produced 181 million bbls of oil and liquids in 2014 — more than any other producer.

A total of seven companies reported proved oil and liquids reserves of one billion bbls or more in 2014. Besides Suncor, Imperial and Canadian Natural, the list included: Cenovus Energy Inc. (2.25 billion bbls), Shell Canada Limited (2.24 billion bbls), Total S.A. (1.89 billion bbls) and MEG Energy Corporation (1.5 billion bbls).

Companies added 1.43 billion bbls of proved oil and liquids reserves in 2014 from drilling activities (discoveries and extensions). That was off from 2.27 billion bbls added in 2013.

Canadian Natural booked 181 million bbls through discoveries and extensions, followed by Total (151 million bbls), Cenovus (139 million bbls), Seven Generations Energy Ltd. (119.49 million bbls) and Husky Energy Inc. (87.8 million bbls).

CNRL was also the biggest purchaser of proved oil and liquids reserves (65 million bbls) in 2014. Crescent Point Energy Corp. acquired 57.71 million bbls of proved oil and liquids reserves, while Whitecap Resources Inc. acquired 48.51 million bbls.

Encana Corporation led in the disposition of proved oil and liquids reserves (56 million bbls), followed by Devon Canada Corporation (52 million bbls) and Crew Energy Inc. (20.61 million bbls).

Imperial led the pack with 496 million bbls of positive revisions to older reserves. Also booking large positive revisions were Shell (101 million bbls), Suncor (80 million bbls), MEG (68.44 million bbls) and Seven Generations (57.22 million bbls).

Nexen Inc. recorded the largest negative revision of proved reserves at 63 million bbls. Marathon Oil Corporation had 55 million bbls of negative revisions, followed by Chevron Canada Corporation (32 million bbls), BP Canada Energy Company (16 million bbls) and Total (11 million bbls).

For senior companies, the star performers of 2014 — measured by reserve additions divided by production, excluding all acquisitions and divestitures — were Paramount Resources Ltd. (R/P ratio of 33.29), Seven Generations (26.83), Advantage Oil & Gas Ltd. (24.36), Painted Pony Petroleum Ltd. (16.56) and NuVista Energy Ltd. (7.23).

Among juniors, strong R/P ratios were reported by Donnycreek Energy Inc., Yangarra Resources Ltd., Storm Resources Ltd., Yoho Resources Inc., Northern Spirit Resources Inc., Kelt Exploration Ltd., Questerre Energy Corporation, Edge Resources Inc., Touchstone Exploration Inc. and Hemisphere Energy Corporation.

In addition to the 30.08 billion bbls of proved oil and liquids reserves, producers reported Canadian probable oil and liquids reserves of 16.68 billion bbls, up from 15.19 billion bbls at the start of the year.

Proved oilsands reserves (mining, in situ, bitumen, synthetic) rose to 25.06 billion bbls at year-end 2014, up from 24.86 billion bbls in 2013. A total of 25 companies reported proved oilsands reserves in 2014.

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