Shining a spotlight on the Duvernay Shale
The National Energy Board (NEB) and the Alberta Geological Survey (AGS) released a revised estimate of reserves contained in central Alberta's Duvernay Shale, now estimated to hold 3.4 billion barrels of marketable light oil and field condensate as well as 77 trillion cubic feet of natural gas. The agencies say that's equivalent to 17 years of Alberta's light oil production and could potentially supply Canada's natural gas needs for up to 25 years.
The Duvernay Shale covers a land mass equivalent to 20% of the province, stretching from just below Grande Prairie to just north of Calgary and east of Edmonton. Current development is focused on the Duvernay's West Shale Basin, including the Kaybob Field northwest of Edmonton.
Condensate is a very light oil used mostly to dilute heavy bitumen from the oil sands, typically priced on par with WTI or at a premium. Alberta produces about 250,000 bbl/day of light oil and 60,000 bbl/day of condensate and still relies heavily on US imports to meet all of its diluent needs.
A full report on the Duvernay Shale deposit is expected to be released this fall.