2010 was a productive year for the B.C. natural gas industry and has been aiding the province’s economic recovery.
That’s the message from Province’s Energy Ministry. The Province reports that drilling increased by 10.3 per cent over the past year, which now means the province accounts for 14 per cent of all Canadian natural gas wells drilled. The percentage of wells in the province in comparison to the rest of the country has nearly doubled since 2000.
The Province is also reporting more than 30 per cent of the country’s natural gas reserves. The Province is expected to earn 1.38 billion over the 2010-11 fiscal year, with approximately 1.14 trillion cubic feet of natural gas being produced from the industry.
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Despite the global decline in gas prices, the Province says that markets in Asia are expected to increase their natural gas consumption. It also says that the industry invested $5.2 billion in capital in the province in 2009 and it is expecting an even higher figure for this past year.