Update on Alberta’s energy sector: Minister Guthrie

Jan 30, 2023 | 2:25 PM

Energy Minister Pete Guthrie issued the following statement Monday on January’s energy sector update and the future of Alberta’s energy sector:

“Alberta’s energy sector is incredibly resilient and is poised for a strong 2023. At this time, even in a volatile market, most analysts expect Alberta to see more energy production, more innovation and more jobs this year.

“The numbers tell the story. Rig counts were up 48 per cent last year over 2021 and set to increase further this year. Alberta’s crude oil and equivalent production was up four per cent in 2022, and the Trans Mountain pipeline expansion is scheduled to be completed later this year. A strong energy sector means more activity, more well-paying jobs and more benefits to surrounding communities.

“This sector isn’t going away. The total revenue value of Alberta’s energy exports increased by about 67 per cent, to about $148 billion from January to November 2022 compared to the same period in 2021. As we transition to a lower-carbon future, the demand for Alberta petroleum and natural gas will remain strong through 2050.

“In the coming year, we will continue to lead the country in practical steps to reduce emissions and keep energy affordable. Alberta’s renewable energy sector is the fastest growing in Canada. We are advancing carbon capture faster than any other province, with 25 carbon storage hub proposals selected for exploration and work underway looking at small scale and remote opportunities in the future. All of this work is being done while more than 10 million tonnes of CO2 emissions have already been captured.

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“In addition to our work on carbon capture and growing our renewable energy sector, we will keep growing our clean hydrogen and liquefied natural gas sectors, which are ready to help lower global emissions by exporting Alberta energy to Asia and Europe.

“A strong Alberta energy sector is good for families across the country. It means more affordable energy, more high-paying jobs and more tax revenue to help pay for hospitals, roads, schools and every other sector of society.

“Alberta is the responsible, reliable and ethical energy producing powerhouse the world needs right now and into the future. Whether that is oil and gas, hydrogen, LNG, or our emerging critical mineral industry. Looking ahead, our innovation, technology and expertise will continue to benefit Albertans, Canadians and the global community in 2023.”

by rdnewsNOW staff

Update on Alberta’s energy sector: Minister Guthrie

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