By assessing conventional and tight oil-directed activity by these individual unique regions, together with oil well initial productivity, the firm claims to be better able to forecast overall Western Canadian oil supply potential.
It says the oil production outlook developed for each region within Western Canada creates a solid building block for the overall supply. It concedes there’s been a decline in total conventional and tight oil production since 2009, but says since then horizontal oil well drilling has soared.
Ziff Energy forecasts that drilling will remain strong until after 2015 when increasing maturity of existing plays will likely result in a production slow down. However, it also says a new crop of tight oil plays could stabilize or grow production to the end of the decade.