The Alberta Energy Regulator says it expects the province’s oilsands production to grow by more than 17 percent by 2033.
The regulator which has just released its annual forecast predicts production of raw bitumen — the thick, sticky oil found in Alberta’s oilsands region to hover around four million barrels per day in 2033, up from the 3.4 million barrels per day that was produced in 2023.
Most of the growth according to the Canadian Press, 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.
According to one of the country’s premier energy news agency – EnergyNow.ca, the AER had also predicted global oil prices would continue to rise, from a projected average of US$76 per barrel for U.S. benchmark West Texas Intermediate for the current year to US$83.63 by 2033.
Regulator also reported to have expressed optimism that fossil fuels would still be an important part of the global energy mix a decade from now as society seeks to balance the energy transition with affordability and reliability concerns.