CALGARY, Alberta (Oct. 6, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, is releasing three reports as part of a basin-level research series evaluating inventory, economics and development trends across key North American oil and gas basins. Building on EIR’s broader analysis of North American drilling inventory and resource life, the series examines how those trends are unfolding at the basin level and shaping future production, infrastructure needs and commodity markets.
The latest research highlights a widening divide inside the Montney: gas resource remains abundant, while high-liquids inventory is materially scarcer and being depleted faster. EIR estimates high-liquids regions hold roughly 30 years of inventory at current drilling rates, compared with approximately 90 years in lean-gas regions. The latest analysis finds that Montney condensate rate growth has stalled since 2024, an early indicator that many of the highest-quality ultrarich locations have already been tapped. That imbalance is increasing the strategic value of condensate-rich acreage as low-cost associated gas from liquids-driven development continues to add supply to Western Canada.
And recent M&A activity within the Montney reflects that scarcity. EIR finds that buyers have increasingly targeted oil- and condensate-prone fairways, where liquids inventory is both shorter dated and more valuable relative to the play’s much deeper dry-gas resource. The report estimates that roughly 25% of economically viable condensate-window inventory changed hands in under 18 months, underscoring the premium being placed on liquids-rich positions.
The demand side reinforces that trend, too. Canadian heavy oil and bitumen require approximately 30% diluent by volume for pipeline transportation, and the Western Canada Sedimentary Basin is already a structural net importer of condensate. EIR expects oil sands growth to increase the call on domestic diluent supply, with the Montney positioned to provide a significant portion of future condensate growth. EIR’s latest analysis also points to the Duvernay as an increasingly important source of future condensate growth as operators extend liquids-prone acreage there.
At the same time, more liquids development means more associated gas. Roughly 60%-70% of upstream drilling capital today targets oil- or liquids-rich reservoirs, a major shift from 2009, when approximately 85% of Canadian gas drilling activity targeted dry-gas accumulations. EIR finds that associated gas from liquids-rich development has become a structural source of low-cost supply and a key factor weighing on AECO prices.
That dynamic complicates the role of LNG growth in balancing Western Canadian gas. EIR expects roughly 5 Bcf/d of incremental West Coast LNG export capacity over the next decade, but its modeling indicates much of that demand could be met by associated gas generated alongside liquids-driven development rather than by new greenfield dry-gas projects. The latest report estimates the Montney contains about 350 Tcf of commercially viable gas, roughly half of it dry gas, reinforcing the depth of supply available to support future West Coast LNG demand.
Over the longer term, EIR sees the Montney’s inventory imbalance as increasingly important to capital allocation. The play has no shortage of gas resource, but the shorter runway for high-liquids inventory, combined with rising condensate demand and continued associated-gas growth, is likely to keep liquids-rich acreage strategically important while maintaining pressure on AECO-exposed dry-gas development. EIR also finds that commercial acreage expansion has slowed overall, with operators increasingly developing known rock rather than proving up step-out acreage. Where delineation is occurring, capital remains concentrated in oil- and condensate-prone windows rather than broad dry-gas expansion.
“The Montney’s inventory story is increasingly defined by the difference between liquids scarcity and gas abundance. High-liquids acreage is being depleted faster, while development of that acreage continues to bring more associated gas into the market. With condensate growth now stalling and the highest-quality ultra-rich inventory carrying an even shorter drilling runway, operators are increasingly focused on proving up liquids-weighted acreage. That gives condensate-rich inventory strategic value, but it also means Canada can add substantial gas supply without relying as heavily on new dry-gas projects,” said Trevor Rix, a director at EIR.
Key takeaways:
- EIR estimates high-liquids Montney regions hold roughly 30 years of inventory, compared with approximately 90 years in lean-gas regions at current drilling rates. Within that liquids resource, ultrarich condensate inventory represents only about 20 years of drilling.
- Roughly 25% of the play’s economically viable condensate-window inventory changed hands in under 18 months, reflecting strong strategic interest in scarce liquids-rich acreage.
- Oil sands growth is expected to increase condensate demand, while the Montney is positioned to supply a substantial share of that future diluent requirement. EIR says Montney condensate rate growth has stalled since 2024, while the Duvernay is becoming increasingly important to liquids-focused resource expansion.
- Roughly 60%–70% of new gas production is subsidized by substantial revenue associated with liquids, adding low-cost gas supply to Western Canada.
- EIR expects about 5 Bcf/d of incremental West Coast LNG export capacity over the next decade, but sees associated gas meeting much of that demand before large new dry-gas developments are required. The Montney contains an estimated ~350 Tcf of commercially viable gas, providing substantial additional resource depth.
EIR’s analysis pulls from a variety of products including Enverus ONE™.
Full copies of EIR research reports cannot be distributed to members of the media. Journalists interested in learning more about this analysis are encouraged to use the Request Media Interview button to schedule a time to meet with one of our expert analysts, who can provide context, insight, and deeper discussion of the findings.
About Enverus Intelligence® Research
Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. Enverus is the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.