Canada remains self-sufficient in terms of meeting its own energy needs, and in 2007 the industry accounted for nearly 20% ($90 billion) of the total value of Canadian exports. The country exported an average of 294,411cum/d (1.85m brl/d) of crude oil in 2007, worth more than $41 billion, compared to $39.3 billion in 2006. More than half of Canada’s crude oil exports flowed to the US Midwest. According to the US’ Energy Information Administration, Canada supplies nearly 20% of the US’ daily crude oil imports, more than any other nation.
“Canada’s vast natural resources are the envy of many nations. These resources benefit Canadians in all regions across the country, whether it be through employment, goods and services or government revenue,” said National Energy Board Chair Ga̩tan Caron. “At the same time, as I travel this country and listen to Canadians, it is clear to me that we, as a country are beginning to recognize that with this prosperity comes a responsibility to make sustainable choices. While much remains to be done, I believe that Canadians have the capacity, the know-how and the will to continue this journey towards a sustainable future.”
While Canadian natural gas production fell slightly to 475m cum/d (16.8bn cuft/d), exports rose by 4.4% to 258m cum/d (9.1bn cuft/d) in 2007. However, the average export price was about 5% lower in 2007, and therefore the $24.3 billion generated from net natural gas exports was nearly identical to 2006 revenues.
The NEB is an independent federal agency that regulates several parts of Canada’s energy industry. Its purpose is to promote safety and security, environmental protection, and efficient energy infrastructure and markets in the Canadian public interest, within the mandate set by Parliament in the regulation of pipelines, energy development and trade. As part of its mandate the NEB monitors the supply of all energy commodities in Canada and publishes reports on energy, called Energy Market Assessments.