A Worldwide Leader in Independent Engineering and Geological Services

GLJ Petroleum Consultants Ltd. is a premier international oil and gas resource consulting firm. We have a team of over 70 dedicated professionals with the experience, expertise, and reputation to handle any petroleum resource assessment worldwide.

Along with extensive industry experience in conventional international and Canadian oil and gas project evaluations, we also specialize in detailed assessments of unconventional resources. Follow this link to a map of our experience.

GLJ’s in-depth industry knowledge and distinguished reputation benefits a diverse group of clients from small business to large integrated multi-national companies and national oil companies, as well as financial institutions. Our dedicated team of engineering and geoscience professionals is committed to providing unparalleled customer service, and our flexible proprietary software allow us to customize results to suit unique needs.

We are proudly located in Calgary, Canada; the leading centre of technology for the worldwide oil and gas industry.

Our near and medium term Brent and WTI oil price forecasts are down significantly from the previous quarter, given the very healthy worldwide crude supply and massive market price declines over the past few months. However, recent events haven’t changed our fundamental view on the long term cost of supply, and we are maintaining our long term forecasts of 90.00 USD/bbl for Brent and 87.50 USD/bbl for WTI in today’s dollars (though they are now 2015 dollars). Our near and medium term Henry Hub gas price forecast is also down from last quarter on healthy storage levels and a very mild winter so far, with no apparent supply issues on the horizon. Our long term Henry Hub forecast of 4.75 USD/MMBtu is unchanged, but this price level is now not seen until 2024. Our outlook on the USD/CAD exchange rate has dropped further to 0.85 in 2015, and 0.875 thereafter, on reduced commodity-driven demand for Canadian dollars  and a US dollar that has been the strongest currency in the world, bolstered by a strong economy and expectations that they will be the first country with a major world currency to see an interest rate increase this year or next. This weaker exchange rate helps Canadian commodity prices in CAD terms, but this is offset in our forecast by the expectation of slightly weaker Alberta oil and gas prices relative to the comparable US benchmarks than we’ve forecast in the past. Our inflation forecast remains unchanged at 2%. Details are presented in our January 1, 2015 Commodity Price Report and Pricing Tables.

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Our Data Analytics Partner:


Visage Information Systems is an industry leader in self-serve visual analytics for the oil and gas industry, utilizing both public and proprietary data.

Commodity Price Forecasts

GLJ has developed the current product price forecasts based on comprehensive analysis of oil and gas supply and demand data and market trends.

Summaries of GLJ Quarterly Forecasts can be found here.