Alberta Minister of Energy and Minerals Brian Jean says the province's oil production increased by 5%..On Wednesday, Jean issued a statement on Alberta’s June energy sector update..The report shows growth in several areas of Alberta’s energy sector, including oil sands, conventional oil, natural gas, capital expenditures, and emerging energy resources such as geothermal.."According to the Alberta Energy Regulator, crude oil and equivalent production in Alberta averaged about 4.1 million barrels per day during the January to February period, an increase of about 5% compared with this same period in 2022," Jean said..“The innovation and hard work happening at home in Alberta’s energy sector is vital to strengthening global and North American energy security. Our province has the resources, skills and expertise needed to become the world’s best choice for a responsible and reliable energy producer.".Alberta remains the largest natural gas and oil producer in Canada, producing 62% of Canada’s natural gas and 83% of the oil and oil equivalents..In 2022, total capital expenditures in Alberta’s energy industry increased from Cdn$18.5 billion in 2021 to Cdn$26.6 billion in 2022, exceeding prepandemic spending of Cdn$24.7 billion in 2019. Marketable bitumen production, which includes nonupgraded and upgraded bitumen, increased by 5% in 2022..The number of wells drilled (including oil, gas, and bitumen) grew by 52%..Geothermal is forecast to grow at an average annual rate of 13%. With the rising global demand for lithium batteries, the production of brine-hosted lithium in Alberta is forecast to be around 7,600 tonnes by 2032..Jean said every credible forecaster sees oil and gas continuing to dominate the energy mix for decades to come..“Our province is already a leader in carbon capture, having stored 10 million tonnes safely underground and invested or committed $1.8 billion to support CCUS-related projects and programs," Jean said..“Alberta’s government will continue to fight for our energy sector and stand up against federal policies that prematurely signal the end of the country’s oil and gas sector and threaten to derail the economic future and livelihood of Canadians.".Jean said this message was delivered loud and clear by Alberta Premier Danielle Smith when they recently met with federal Minister of Natural Resources Jonathan Wilkinson and Minister of Intergovernmental Affairs, Infrastructure and Communities Dominic LeBlanc..“We urge the federal government to work with Alberta collaboratively to reach a carbon-neutral economy by 2050 while also providing regulatory certainty for the oil and gas industry," Jean said..“Our oil and gas sector has been reducing emissions for years. Alberta’s energy is produced under world-class environmental standards that recognize the need to address climate change. Our province’s largest industry players, including our major oil producers, have announced unprecedented and credible climate goals to reach net zero by 2050.".Jean said the goal is to reduce emissions, not to transition away from a sector that's a key source of employment, economic growth and revenues for Canada.."It is more important than ever that the federal government employs all of its tools to create optimal conditions to promote the movement of this country’s safe, secure and reliable energy resources," Jean said..“The proposed oil and natural gas emissions cap and 2035 net-zero power grid regulations would damage Alberta’s economy, cause significant job losses and scare away billions in investment dollars.".Jean noted the strategic path forward is one of "collaboration," which is why Alberta proposed a bilateral working group that includes both the federal and Alberta governments to look at ways to incentivize carbon capture, utilization and storage and other emissions-reducing infrastructure while also setting realistic milestones through to 2050.."We look forward to their response," Jean said..“We will continue standing up for Alberta’s energy sector and the Albertans whose livelihoods depend on it. These issues are bigger than one place.".Jean said the oil and gas industry in Alberta is incredibly important for the entire country.."We invite our federal counterparts to come to the table and work with Alberta to move Canada towards a low-carbon future while maintaining reliable and affordable energy for all Canadians," Jean said.
