The regulator responsible for overseeing Alberta’s oil and gas sector has released a new report projecting the province’s oilsands production will grow by more than 17 per cent by 2033.
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In the latest version of its annual forecast, released Monday, the Alberta Energy Regulator predicts production of raw bitumen — the thick, sticky oil found in Alberta’s oilsands region — will grow to four million barrels per day in 2033, up from the 3.4 million barrels per day that was produced last year.
Most of the growth is expected to come not from oilsands mines, but from in situ operations, which use steam to loosen up the oil deep below the surface of the earth.
The report paints a picture of a future in which the oilsands remains the No. 1 driver of Alberta’s energy sector, in spite of what the AER says are increased growth opportunities for alternative forms of energy like hydrogen, geothermal, helium and lithium.
