Vancouver Board of Trade Policy Forum 2002 : B.C.'s oil and gas industry : tapping this abundant resource

This policy forum focused on the economic importance of the oil and gas industry in British Columbia. The industry provides more than $2 billion and more than 40,000 jobs to the economic activity of the province. Strong demand for natural gas and oil, along with increased prices, offer a very optimistic long-term outlook for the oil and gas sector in British Columbia. Key representatives of the industry presented their views of current and potential oil and gas production, transmission and distribution in the province. In particular, offshore and mainland resource development were addressed with some reference to an alternative energy source, coalbed methane, a natural gas found in most coal deposits. It is estimated that the resource potential for coalbed methane is 90 to 250 trillion cubic feet, worth hundreds of billion dollars. The issue of pipelines was also addressed. One key representative criticized the 30-year old moratorium on gas exploration drilling in BC, claiming that expansion of offshore operations would provide significant advantages regarding taxes and employment opportunities within the province