On this week’s Insights Podcast, veteran oil & gas executive Jim Livingstone, the CEO of RC Energy, makes a compelling case for the development of the onshore natural gas in the three Maritime provinces.
He says, combined, the Maritimes have estimated reserves of more than 200 TCF (Trillion Cubic Feet), which is the equivalent of natural gas in the Permian Basin in West Texas, which is considered one of the most prolific gas-producing regions in the US.
One TCF is enough natural gas to heat all the houses in Canada that currently use natural gas for two years.
It could also be used to develop an LNG (Liquefied Natural Gas) sector in our region, replacing the natural gas currently being imported.
Livingstone has developed a drilling methodology that does not use hydrofracking to drill for shale gas.
His method is based on using air to extract the gas and eliminates many of the concerns associated with hydrofracking.
He insists that the type of shale basin in our region, derived from ancient lakes rather than most shale basins elsewhere, which are derived from ancient oceans, results in a much more densely compacted clay content, making it less suitable for hydrofracking.
He claims it is one of the reasons previous drilling programs have failed in New Brunswick.
This conversation is fascinating and could potentially lead to unlocking over $400 billion worth of natural gas in the Maritimes, thereby removing opposition to natural gas development in our region.
