Median estimates for offshore resources in the QCB by the Geological Survey of Canada (GSC) are 9.8 Billion Barrels of Oil (bbl) and 25.9 Trillion Cubic Feet (tcf) of gas (Hannigan et al., 1998). Recoverable reserves, the amounts that could likely be retrieved, are estimated at 1.3 bbl oil and 9.8 tcf of gas. The QCB is considered by geologists to be one of the most promising untapped offshore reservoirs, overshadowed in Canada only by the Beaufort MacKenzie Basin in the Canadian Arctic (Dixon et al, 1994). In regards to remaining onshore reserves, estimated recovery of crude oil from Canada's oil sands is about 315 billion barrels, over 200 times the volume of oil likely to be recoverable from the QCB (RSC, 2004).

Estimates for the QCB compare favorably with those of other offshore basins. The Royal Society of Canada (2004) report states that these median estimates of recoverable offshore oil and gas from the QCB are similar to estimates for the Jeanne d'Arc Basin (offshore Newfoundland) in which the Hibernia and Terra Nova fields are currently productive and the White Rose field is being developed. The RSC further states that the median estimate of oil for the QCB would satisfy present Canadian demand (1.6 million bbl per day) for about 2.5 years, and gas demands (7 bcf per day) for about 4 years. The QCB is also comparable in magnitude to the Cook Inlet Basin of southern Alaska. However, the complex geology and anticipated exploration risks associated with the Queen Charlotte resource require a lot of seismic data to be assembled and many exploration wells to be drilled before a truly reliable evaluation can be made.

Some credit from above text to Review of Offshore Oil and Gas Development by Simon Fraser University and Should B.C. Lift the Offshore Moratorium? by D. Marshall, 2001.

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