Alberta’s massive oil and gas reserves keep growing – here’s why

From the Canadian Energy Centre

Q&A with Mike Verney, executive vice-president, McDaniel & Associates

New analysis commissioned by the Alberta Energy Regulator has increased the province’s natural gas reserves by 440 per cent, bumping Canada into the global top 10.

Alberta’s oil reserves – already fourth in the world – also increased by seven billion barrels.

The report was conducted by Calgary-based consultancy McDaniel & Associates. Executive vice-president Mike Verney explains what it means.

CEC: What are “reserves” and why do they matter?

Verney: Reserves are commercial quantities of oil and gas to be recovered in the future. They are key indicators of future production potential.

For companies, that’s a way of representing the future value of their operations. And for countries, it’s important to showcase the runway they have in terms of the future of their oil and gas.

Some countries that have exploited a lot of their resource in the past have low reserves remaining. Canada is in a position where we still have a lot of meat on the bone in terms of those remaining quantities.

CEC: How long has it been since Alberta’s oil and gas reserves were comprehensively assessed?

Verney: Our understanding is the last fully comprehensive review was over a decade ago.

CEC: Does improvement in technology and innovation increase reserves?

Verney: Technological advancements and innovation play a crucial role in increasing reserves. New technologies such as advanced drilling techniques (e.g., hydraulic fracturing, horizontal drilling), enhanced seismic imaging and improved extraction methods enable companies to discover and access previously inaccessible reserves.

As these reserves get developed, the evolution of technology helps companies develop them better and better every year.

CEC: Why have Alberta’s natural gas reserves increased?

Verney: Most importantly, hydraulic fracturing has unlocked material volume, and that’s one of the principal reasons why the new gas estimate is so much higher than what it was in the past.

The performance of the wells that are being drilled has also gotten better since the last comprehensive study.

The Montney competes with every American tight oil and gas play, so we’re recognizing the future potential of that with the gas reserves that are being assigned.

In addition, operators continue to expand the footprint of the Alberta Deep Basin.

CEC: Why have Alberta’s oil reserves increased?

Verney: We discovered over two billion barrels of oil reserves associated with multilateral wells, which is a new technology. In a multilateral well, you drill one vertical well to get to the zone and then once you hit the zone you drill multiple legs off of that one vertical spot. It has been a very positive game-changer.

Performance in the oil sands since the last comprehensive update has also gone better than expected. We’ve got 22 thermal oil sands projects that are operating, and in general, expectations in terms of recovery are higher than they were a decade ago.

Oil sands production has grown substantially in the past decade, up 70 per cent, from two million to 3.4 million barrels per day. The growth of several projects has increased confidence in the commercial viability of developing additional lands.

CEC: What are the implications of Alberta’s reserves in terms of the province’s position as a world energy supplier?

Verney: We’re seeing LNG take off in the United States, and we’re seeing lots of demand from data centers. Our estimate is that North America will need at least 30 billion cubic feet per day of more gas supply in the next few years, based on everything that’s been announced. That is a very material number, considering the United States’ total natural gas production is a little over 100 billion cubic feet per day.

In terms of oil, since the shale revolution in 2008 there’s been massive growth from North America, and the rest of the world hasn’t grown oil production. We’re now seeing that the tight plays in the U.S. aren’t infinite and are showing signs of plateauing.

Specifically, when we look at the United States’ largest oil play, the Permian, it has essentially been flat at 5.5 million barrels per day since December 2023. Flat production from the Permian is contrary to the previous decade, where we saw tight oil production grow by half a million barrels per day per year.

Oil demand has gone up by about a million barrels a day per year for the past several decades, and at this point we do expect that to continue, at the very least in the near term.

Given the growing demand for oil and the stagnation in supply growth since the shale revolution, it’s expected that Alberta’s oil sands reserves will become increasingly critical. As global oil demand continues to rise, and with limited growth in production from other sources, oil sands reserves will be relied upon more heavily.

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Premier Danielle Smith hints Alberta may begin ‘path’ toward greater autonomy after Mark Carney’s win

Published on April 30, 2025

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From LifeSiteNews

By Anthony Murdoch

Alberta’s premier said her government will be holding a special caucus meeting on Friday to discuss Alberta’s independence.

Alberta Premier Danielle Smith hinted her province could soon consider taking serious steps toward greater autonomy from Canada in light of Mark Carney and the Liberal Party winning yesterday’s federal election.

In a statement posted to her social media channels today, Smith, who is head of Alberta’s governing United Conservative Party, warned that “In the weeks and months ahead, Albertans will have an opportunity to discuss our province’s future, assess various options for strengthening and protecting our province against future hostile acts from Ottawa, and to ultimately choose a path forward.”

“As Premier, I will facilitate and lead this discussion and process with the sincere hope of securing a prosperous future for our province within a united Canada that respects our province’s constitutional rights, facilitates rather than blocks the development and export of our abundant resources, and treats us as a valued and respected partner within confederation,” she noted.

While Smith stopped short of saying that Alberta would consider triggering a referendum on independence from Canada, she did say her government will be holding a “special caucus meeting this Friday to discuss this matter further.”

“I will have more to say after that meeting is concluded,” she noted.

Smith’s warning comes at the same time some pre-election polls have shown Alberta’s independence from Canada sentiment at just over 30 percent.

Monday’s election saw Liberal leader Mark Carney beat out Conservative rival Pierre Poilievre, who also lost his seat. The Conservatives managed to pick up over 20 new seats, however, and Poilievre has vowed to stay on as party leader, for now.

In Alberta, almost all of the seats save two at press time went to conservatives.

Carney, like former Prime Minister Justin Trudeau before him, said he is opposed to new pipeline projects that would allow Alberta oil and gas to be unleashed. Also, his green agenda, like Trudeau’s, is at odds with Alberta’s main economic driver, its oil and gas industry.

The Carney government has also pledged to mandate that all new cars and trucks by 2035 be electric, effectively banning the sale of new gasoline- or diesel-only powered vehicles after that year.

The reduction and eventual elimination of the use of so-called “fossil fuels” and a transition to unreliable “green” energy has also been pushed by the World Economic Forum (WEF) – the globalist group behind the socialist “Great Reset” agenda – an organization in which Trudeau and some of his cabinet are involved.

Smith: ‘I will not permit the status quo to continue’

In her statement, Smith noted that she invited Carney to “immediately commence working with our government to reset the relationship between Ottawa and Alberta with meaningful action rather than hollow rhetoric.”

She noted that a large majority of Albertans are “deeply frustrated that the same government that overtly attacked our provincial economy almost unabated for the past 10 years has been returned to government.”

Smith then promised that she would “not permit the status quo to continue.”

“Albertans are proud Canadians that want this nation to be strong, prosperous, and united, but we will no longer tolerate having our industries threatened and our resources landlocked by Ottawa,” she said.

Smith praised Poilievre for empowering “Albertans and our energy sector as a cornerstone of his campaign.”

Smith was against forced COVID jabs, and her United Conservative government has in recent months banned men from competing in women’s sports and passed a bill banning so-called “top and bottom” surgeries for minors as well as other extreme forms of transgender ideology.

Alberta

Hours after Liberal election win, Alberta Prosperity Project drumming up interest in referendum

Published on April 29, 2025

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News release from the Alberta Prosperity Project

Carney’s In. Now what?

You’ve been paying attention. You understand this is really bad. Worse than that, it’s dangerous. The country has somehow chosen several more years of a decade-long Trudeau Travesty…on steroids. Because this new Prime Minister has a three digit IQ, deep and questionable connections and a momentum to accelerate the further dis-integration of a nation we all once proudly belonged to. It’s untrue to say the country is dying. But it’s also not a stretch to say it’s on life support.

The era of Carney Carnage is here. While every province will experience it, there’s no secret he’s placed an extra big bulls-eye on Alberta.

It’s not personal, it’s financial.

His plan includes continuing to limit three of Alberta’s most prosperous sectors: energy, agriculture and, by extension, innovation. To acknowledge this requires we abandon our sense of romanticized national nostalgia. Nostalgia is a trap that prevents us from assessing the reality we exist in.

For instance, GDP is considered the financial heartbeat of a country. Over the past decade of Liberal Leadership, the national GDP has been an abysmal 1.1%. By relatable comparison, Mexico was 4%, the UK was 6%, Australia had 8% growth and the US was a whopping 19%.

That’s great information for an economist, but what does it mean to your pay cheque?

The everyday impact on the average Albertan —say, a teacher or mechanic— of 10 long years of 1% GDP means rent’s up at least 25%, a trip to the grocery store always stings, and driving an older car is the norm because an upgrade is out of reach. Does this sound like your reality?

We aren’t starving, but we’re not thriving, either.

Does this make sense for 4.5 million people living with the third most abundant energy deposits in the world? There’s an absurdity to the situation Albertans find themselves in. It’s akin to being chronically dehydrated while having a fresh water spring in the backyard.

The life you’ve invested for, the future you believed was ahead, isn’t happening.

If Alberta stays on this path.

So what can you, as an Albertan, do about it?

This Fall, we’ll be provided an opportunity. A life raft in the form of a referendum. It requires curiosity, imagination and courage to step into it, but the option will be there — a once in a lifetime shot at prosperity for you and your family: Alberta Sovereignty.

A successful bid means Albertans can finally paddle out of the perilous economic current that’s battered us for ten long years.

Alberta has the resources, talent and spirit of collaboration to create a prosperous future for our families and communities.
If you want your vote to finally mean something, if you feel you deserve more from your pay-cheque, grocery store visits and need greater control over your family’s future, register your intent to sign YES to sovereignty now.