{"id":64075,"date":"2024-06-25T10:59:07","date_gmt":"2024-06-25T17:59:07","guid":{"rendered":"https:\/\/energi.media\/?p=64075"},"modified":"2024-06-25T10:59:07","modified_gmt":"2024-06-25T17:59:07","slug":"aer-expects-17-per-cent-growth-in-oil-sands-production-by-2033","status":"publish","type":"post","link":"https:\/\/energi.media\/news\/aer-expects-17-per-cent-growth-in-oil-sands-production-by-2033\/","title":{"rendered":"AER expects 17 per cent growth in oil sands production by 2033"},"content":{"rendered":"

This article was published by The Energy Mix<\/a> on June 25, 2024.<\/em><\/p>\n

By Amanda Stephenson<\/strong><\/em><\/p>\n

The regulator responsible for overseeing Alberta\u2019s oil and gas sector has released a new report projecting the province\u2019s oil sands production will grow by more than 17 per cent by 2033.<\/p>\n

In the latest version of its annual forecast, released Monday, the Alberta Energy Regulator (AER) predicts production of raw bitumen from Alberta\u2019s oil sands region will grow to four million barrels per day in 2033, up from the 3.4 million barrels per day produced last year, The Canadian Press reports<\/a>.<\/p>\n

Most of the growth is expected to come not from oil sands mines, but from in situ operations, which use steam to loosen up the bitumen deep below the surface of the earth.<\/p>\n

The report paints a picture of a future in which the oil sands remains the top driver of Alberta\u2019s energy sector, in spite of what the AER says are increased growth opportunities for alternative forms of energy like hydrogen, geothermal, helium and lithium.<\/p>\n

\u201cIn our opinion, the conventional forms of energy\u2014I\u2019m talking about oil, gas, bitumen\u2014should continue and will be part of the energy mix during the energy transition,\u201d AER chief economist Afshin Honarvar told a webcast held to discuss the report.<\/p>\n

In 2023, oil sands bitumen accounted for 66 per cent of Canada\u2019s total oil equivalent production, according to AER figures.<\/p>\n

But the sector is under increasing scrutiny for its emissions-heavy production methods. Oil and gas is already Canada\u2019s heaviest-emitting industry, and rising oil sands production over the past decade has meant total emissions from the sector are increasing\u2014at a time when many other sectors of the economy are successfully reducing overall emissions.<\/p>\n

The federal government has\u00a0proposed<\/a> mandating a ceiling on oil and gas emissions to help slow climate change. The rules would require the industry to cut greenhouse gas emissions by 35 to 38 per cent from 2019 levels by 2030.<\/p>\n

Alberta\u2019s formal position is that an emissions cap would be akin to a production cap, restricting growth and investment in the province\u2019s energy sector.<\/p>\n

But the AER believes the oil sands can grow while simultaneously reducing its emissions if it deploys carbon capture and storage technology. \u201cWhen it comes to carbon capture, utilization and storage, we think that it\u2019s a very practical, feasible technology that can be utilized by industry in order to achieve their operational goals, as well as achieving their net-zero carbon neutrality goals,\u201d Honarvar said.<\/p>\n

A recent report by Deloitte largely rejected that position,\u00a0concluding<\/a> that oil sands companies forced to cut emissions in the face of a federally-mandated cap would choose to reduce production rather than invest in too-expensive carbon capture and storage technology.<\/p>\n

This report by The Canadian Press was first published June 24, 2024.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

This article was published by The Energy Mix on June 25, 2024. By Amanda Stephenson The regulator responsible for overseeing Alberta\u2019s oil and gas sector has released a new report projecting the province\u2019s oil sands [Read more]<\/a><\/p>\n<\/div>","protected":false},"author":6,"featured_media":64077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[18,237,80,14,95,16,1475],"class_list":{"0":"post-64075","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-alberta","9":"tag-bitumen","10":"tag-environment","11":"tag-featured","12":"tag-fossil-fuels","13":"tag-oil-and-gas","14":"tag-oil-production"},"acf":[],"yoast_head":"\noil sands production - Thoughtful Journalism About Energy's Future<\/title>\n<meta name=\"description\" content=\"The AER has released a new report projecting the province\u2019s oil sands production will grow by more than 17 per cent by 2033.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energi.media\/news\/aer-expects-17-per-cent-growth-in-oil-sands-production-by-2033\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"oil sands production - 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