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Updated June 2023


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Production: Crude oil production increased by 11 per cent in 2022, averaging 77.3 thousand cubic metres per day (103 m3/d) or 486.4 thousand barrels per day (103 bbl/d). Crude oil accounted for less than 14 per cent of total marketable oil production, including bitumen, in Alberta.

Number of wells: The number of new wells placed on production in 2022 surged by 96 per cent because of higher oil prices. However, 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 decrease from 3466 in 2022 to 2635 by 2032, with most new wells targeting light oil in the Cardium and Montney Formations and the Mannville Group and increasingly targeting ultra-heavy oil from the Mannville Group.

Demand: In 2022, Alberta refinery demand for total oil (upgraded and nonupgraded bitumen, crude oil, and pentanes plus) was 85.9 103 m3/d (540.6 103 bbl/d). Crude oil accounted for 22 per cent of total Alberta demand at 19.3 103 m3/d (121.4 103 bbl/d). The remaining 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 consistent refinery throughputs and removals are projected to be higher than 2022 by the end of the forecast.