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Alberta regulator forecasts oil, gas growth through 2033

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Gas,Energy,Alberta

Demand for oil will rebound and prices will rise in 2025 and beyond in the face of global economic growth, annual report from Alberta Energy Regulator shows

industry grew in 2023, a trend likely to continue amid higher prices and increased access to markets via the expanded Trans Mountain pipeline system, according to a new provincial energy forecast.Energy Outlook is an annual report on the state of hydrocarbon reserves, supply and demand for bitumen, crude oil, natural gas, natural gas liquids, coal and emerging resources such as helium and lithium.

Total fossil fuel production in Alberta in 2023 increased by 3 per cent over 2022, reaching 6.7 million barrels of oil equivalent a day. This year’s report marks the first time that the regulator has added a section on carbon capture and sequestration , underscoring the importance it places on the technology in the future of the oil and gas sector – much like the provincial government and the industry as a whole.

 

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