British columbia: potential opportunities

British Columbia has four key basins offshore: Queen Charlotte, Georgia, Winona, and Tofino.

The two major regions where untapped reserves are anticipated include the Queen Charlotte basin and the Winona-Tofino basins. Both have little evidence of significant discoveries due to the fact the moratorium banned all exploration.

The Geological Survey of Canada, however, has estimated a resource of 9.8 billion bbl of oil and 25.9 tcf of gas for the Queen Charlotte basin. For the Winona-Tofino basins, the potential is estimated at 9.4 tcf of gas. These regions are similar in potential to the mature Cook Inlet oil and gas fields in Alaska.

British Columbia's offshore regions have been a no-go zone for all oil and gas activities since 1972, when the provincial and federal governments imposed the moratorium because of concerns about potential environmental disasters and interference with commercial fishery operations.

It is interesting to note that the governments considered lifting the moratorium in the mid-1980s but did not do so after 1989's oil spill from the Exxon Valdez tanker heightened fears about the development of an offshore oil and gas industry.

The ban on offshore oil and gas activity continues in place. Recently, however, with the decline in the fisheries, a more robust environmental regulatory system in place, and a safe offshore oil and gas industry off the east coast, there has been renewed interest to examine the moratorium at both the provincial and federal levels.