The Alberta Energy Regulator says it expects the province's oilsands production to grow by more than 17 per cent by 2033.The AER predicts production of raw bitumen will grow to four million barrels per day in 2033, up from the 3.4 million barrels per day that was produced last year. 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.
"In our opinion, the conventional forms of energy — I'm talking about oil, gas, bitumen — should continue and will be part of the energy mix during the energy transition," said AER chief economist Afshin Honarvar, on a webcast held to discuss the report. Alberta's formal position is that an emissions cap would be akin to a production cap, restricting growth and investment in the province's energy sector.
"When it comes to carbon capture, utilization and storage, we think that it's 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," Honarvar said.