Updated June 2024
Within this section
Highlights
Production: Raw bitumen production increased by 2.8% in 2023 to 542.1 thousand cubic metres per day (103 m3/d) or 3411.1 thousand barrels per day (103 bbl/d). In 2023, mined bitumen production increased by 1.9% to 261.9 103 m3/d, and in situ production increased by 3.7% to 280.2 103 m3/d.
By 2033, total raw bitumen production is forecast to increase to 628.3 103 m3/d (3953.7 103 bbl/d). The forecasted production growth is slower than that over the past decade. However, future production growth is supported by increasing transportation takeaway (pipeline) capacity, higher oil prices, and operational efficiency. The continued consolidation of operators and the growing importance of environmental, social, and governance criteria will also affect future production growth.
Number of wells: The number of producing wells decreased by 12.4% to 10 368 in 2023.
Demand: Total Alberta refinery demand in 2023 (including upgraded and nonupgraded bitumen, crude oil, and pentanes plus) was 87.4 103 m3/d (550.2 103 bbl/d). Marketable bitumen (upgraded and nonupgraded bitumen) provided 63.1 103 m3/d (397.1 103 bbl/d), or 72.2%, of the total Alberta refinery demand. The remaining marketable bitumen was removed from the province. Alberta refinery demand for marketable bitumen is expected to remain steady with consistent refinery throughputs over the forecast period. Removals are projected to increase throughout the forecast period.
