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Economic, Resource

Alberta energy sector poised for strong year, Guthrie says

DCN-JOC News Services
Alberta energy sector poised for strong year, Guthrie says

EDMONTON — Alberta’s Energy Minister Peter Guthrie is expecting a strong year for the sector.

Rig counts are up 48 per cent in 2022 over 2021 and set for further increases this year while the crude oil and equivalent production were up four per cent, according to a news release.

“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,” Guthrie said in the release.

He added the demand for petroleum and natural gas should remain strong through 2050 as the province transitions to a lower-carbon future.

“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,” he said.

“All of this work is being done while more than 10 million tonnes of CO2 emissions have already been captured.”

Guthrie said the Trans Mountain Pipeline expansion is on schedule to be completed this year.

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