Search results
In 2023, the crude oil and natural gas sector (excluding oil sands) spent an estimated Cdn$15.6 billion in capital expenditures. This represents a 6% decline from 2022, as reflected by the reduction in drilling activity within the sector due to lower oil and gas prices in 2023.
- What's in The Budget
- No 'Rstar'
- Petrochemicals, Hydrogen, Carbon Capture
- Projects and Production
Despite scant details in some areas, there are measures for petrochemical and hydrogen projects, carbon capture and storage, and a desire to rehabilitate old oil well sites. Budget 2023 plans for oil prices around $79 US a barrel, dropping to $73.50 US over the next three years. That benchmark West Texas Intermediate (WTI) price has fluctuated anyw...
In this week's budget, no money was set aside for Premier Danielle Smith's much-beleaguered idea to give $100 million in royalty credits to companies to clean up old well sites (something they're already legally obligated to do). Toews says that's because RStar (now renamed as a "liability management program") is still just a plan and needs consult...
Budget 2023 also earmarks $484 million over three years for the Alberta Petrochemical Incentive Program and its grants. The premier has said she's exploring expanding the initiative. The Hydrogen Centre of Excellence is getting a $5-million grant to encourage technology development. The budget nods to ongoing CCUS projects, including the Pathways A...
Alberta's government also says it's aiming to increase the proportion of global oil the province contributes. In supplementary documents to the budget, it targets 3.7 per cent of global oil consumption by 2024. It was 3.3 per cent in 2021. The province exported $158.3 billion in energy goods last year, a notable, 59-per-cent increase from the previ...
Nov 21, 2022 · Though companies have been reporting record profits this year, the proportion of oil and gas reinvestments back into the Alberta economy are a fraction of what they were at the time of the...
Dec 2, 2021 · According to Statistics Canada, Alberta oil production in October was 119 million barrels, an all-time monthly record. At the same time, however, Statistics Canada says oil and gas capital ...
Oct 26, 2021 · The share of that coming from Alberta’s oil and gas extraction sector was, at a minimum, nearly $53 billion, or about 9 per cent of Alberta’s gross contributions and 19 per cent of its total net fiscal contribution over the period;
Supply costs in 2023 increased year over year by an average of 8%, mainly because of increased capital and operating costs. Drilling, casing, and completion costs increased across all PSAC areas.
People also ask
How much does Alberta's oil and gas industry contribute to the government?
How much did Alberta spend on oil & gas in 2022?
How much money does Alberta pay for oil & gas extraction?
Why is Alberta spending $12 million a year?
Government of Alberta | Annual Report 2023 – 2024 7 Financial Highlights Budget 2023 aimed to move Alberta forward by strengthening the province's health-care system, addressing labour market challenges and
