Thank you, Mr. Speaker. This was welcome news for us. It’s something we’ve known for a long time, is that there is great resource potential for both oil and gas in the central Mackenzie Valley. The report would indicate that there are close to 200 billion barrels of oil there. We have only drilled two wells. I believe Conoco was the company that drilled two wells in the area. There is a lot of work that will go into determining what the resource really will be like. The exploration should continue and wells can be drilled and a determination made on what that resource would look like, but if you look at other deposits and basins around the world, a recovery rate of somewhere around 6 percent to 9 percent would leave us somewhere in the neighbourhood of 10 billion barrels of recoverable oil. We’ve been promoting the fact that we thought there was between three and five billion, but it could be much, much more than that figure.
David Ramsay on Question 822-17(5): Sustainable Extraction Of Sahtu Oil And Gas Reserves
In the Legislative Assembly on May 27th, 2015. See this statement in context.
Question 822-17(5): Sustainable Extraction Of Sahtu Oil And Gas Reserves
Oral Questions
May 26th, 2015
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