Alberta investing $50-million to establish drilling centre for geothermal, helium companies

An oil rig drills a well under moon light near Cremona, Alta., on Sept. 24, 2023. Drilling expertise runs deep in Alberta owing to the province’s long history with oil and gas, but industries that can lower greenhouse-gas emissions also rely on the technology.Alberta is hoping to attract geothermal, critical mineral, helium and carbon-capture companies to the province through a major new drilling hub.

So, too, does the production of critical minerals and helium – sectors that have been eyed as potential economic boons for Alberta and other provinces. The International Energy Agency has identified geothermal as an energy source with untapped potential, and in recent reports has underscored the need to rapidly increase support for the technology to help the world meet goals for net-zero greenhouse-gas emissions.

The drilling accelerator would play a crucial role in Canada securing some of that global investment, he said.

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