Northeast British Columbia is home to one of the largest natural gas reserves in the world, according to a new report released today.
The findings show that natural gas in the Montney Formation is double what was previously thought. Oil is also present in the Montney Formation. The area is near Fort Nelson, B.C., and also extends into northwest Alberta.
There are approximately 12,719 billion cubic metres of marketable natural gas, 2,308 million cubic metres (or 14,521 million barrels) of marketable natural gas liquids and 1,125 million barrels of marketable oil.
“At current consumption rates the Montney gas resource would meet Canadian needs for 145 years,” said Gaétan Caron, CEO of the National Energy Board.
“The report clearly shows that Canadian energy markets will be well supplied with natural gas far into the future.”
The new technology of hydraulic fracturing (fracking) has made it possible to extract more natural gas and oil from the formation.
The study was released by the National Energy Board, the B.C. Ministry of Natural Gas Development, the B.C. Oil and Gas Commission and the Alberta Energy Regulator.
