B.C.’s natural gas industry enjoyed increases in investment, market share, and wells drilled, boosting the province’s economic recovery in 2010.
Drilling activity in British Columbia increased in 2010 by 10.3 per cent over 2009. B.C. accounts for 14 per cent of all natural gas wells drilled in Canada, up from 5.7 per cent in 2000.
Natural gas production is forecast to reach 1.14 trillion cubic feet and provincial revenue is projected at $1.38 billion in fiscal year 2010-11.
B.C.’s natural gas reserves have more than doubled since 2000, now counting for more than 30 per cent of Canada’s total reserves.
With the markets in Asia poised to quickly increase natural gas consumption, B.C. is well-positioned to reap the benefits of having one of the largest deposits of natural gas in North America. Despite the decline in natural gas prices globally, industry in B.C. is investing in the future.
Industry invested $5.2 billion in capital in the province in 2009 and a higher number is expected for 2010. This is more than 23 per cent of all natural gas investment in Canada, and is almost three times as much as a decade ago. This spending generates jobs and infrastructure development throughout the province.
Long-term industry investment and a commitment to increasing production ensures jobs and provides government revenue that funds health care, education, infrastructure and social programs.
— Ministry of Energy