Updated June 2024
Within this section
Highlights
Production: Crude oil production increased by 5% in 2023, averaging 81.4 thousand cubic metres per day (103 m3/d) or 512.3 thousand barrels per day (103 bbl/d). Crude oil, including bitumen and pentanes plus, accounted for 12% of total marketable oil production in Alberta.
Number of wells: After a notable increase in 2022, the number of new wells placed on production in 2023 declined by 20%, primarily influenced by the drop in oil prices, maturity of basins, and increased capital and operating costs. Producers continued their disciplined capital spending by focusing on optimizing existing assets and reducing debt.
The number of new wells placed on production is projected to decrease slightly from 2760 in 2023 to 2710 by 2033, with most new wells targeting the Cardium and Montney Formations and the Mannville Group.
Demand: In 2023, Alberta refinery demand for total oil (upgraded and nonupgraded bitumen, crude oil, and pentanes plus) was 87.4 103 m3/d (550.2 103 bbl/d). Crude oil accounted for 21% of total Alberta demand at 18.8 103 m3/d (118.6 103 bbl/d). The remaining crude oil produced was removed from the province. Without new refineries or significant refinery expansions, Alberta’s demand for crude oil is expected to remain relatively unchanged with stable refinery throughputs. Crude oil removals are projected to increase by the end of the forecast period.
