Updated May 2022
Within this section
Production: Crude oil production increased by 3 per cent in 2021, averaging 69.6 thousand cubic metres per day (103 m3/d) or 437.7 thousand barrels per day (103 bbl/d). Crude oil, including bitumen, accounted for less than 13 per cent of total marketable oil production in Alberta.
Number of wells: The number of new wells placed on production in 2021 increased by 66 per cent because of higher oil prices. However, despite higher prices, some producers continued their disciplined capital spending by focusing on optimizing existing assets, reducing debt, and paying dividends to shareholders.
The number of new wells placed on production is projected to increase from 1765 in 2021 to 2110 by 2031, with most new wells targeting light oil in the Cardium Formation, Montney Formation, and Mannville Group.
Demand: In 2021, Alberta refinery demand for total oil (upgraded and nonupgraded bitumen, crude oil, and pentanes plus) was 81.9 103 m3/d (515.4 103 bbl/d). Crude oil accounted for 22 per cent of total Alberta demand at 17.9 103 m3/d (112.7 103 bbl/d). The remaining oil produced was removed from the province. Without new refineries or significant refinery expansions, Alberta demand is expected to remain relatively unchanged with consistent refinery throughputs and projected removals to increase throughout the forecast period.