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AER’s 2024 Alberta Energy Outlook report now available

CALGARY, AB, June 24, 2024 – Today, the Alberta Energy Regulator (AER) published the 2024 Alberta Energy Outlook report (formerly ST98). The report is an annual publication featuring independent, comprehensive information on the state of Alberta’s energy industry.

The report shows that Alberta remains the largest producer of natural gas and oil in Canada, producing more than 60% of Canada’s natural gas and almost 85% of Canada’s oil equivalent (including bitumen) in 2023. 

2024 Report Highlights:

  • Bitumen production remains significant. In 2023, bitumen accounted for 66% of Canada’s total oil equivalent production and is expected to remain the most important driver of energy supply and growth.
  • The total capital expenditures for crude oil, natural gas, oil sands, and emerging resources grew to $29.5 billion in 2023, a six-year high.
  • In 2023, oil prices stayed above pre-pandemic levels, supporting oil production. The completion of the Trans Mountain Pipeline Expansion, along with expected international demand growth, also boosted production and capacity.
  • For the first time, this year’s report includes information on carbon capture, utilization, and storage, reflecting the growing interest in regulating carbon capture and storage projects.
  • Alberta presents significant growth opportunities for emerging resources, with hydrogen production projected to grow from 2.5 to 3.9 million tonnes per year by 2033 (4% average annual growth), and geothermal and helium production are each expected to grow at an average annual rate of 21%.
  • Although no commercial lithium production currently exists in Alberta, production is forecast to reach 13.4 thousand tonnes per year by 2033. 

The 2024 Alberta Energy Outlook report is a data-driven, objective, and comprehensive resource that governments, industry, and other key stakeholders may use for planning or making decisions about Alberta’s diverse energy sector. 

About the Alberta Energy Regulator 
The AER ensures the safe, efficient, orderly, and environmentally responsible development of energy resources in Alberta through our regulatory activities.

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