“This encouraging news demonstrates the ongoing resilience of Canada’s energy industry and its confidence in Alberta’s investment climate.
“Faced with the shock of the pandemic, the corresponding commodity price collapse and last spring’s temporary but debilitating price war, Canada’s oil and gas companies have once again demonstrated their adaptability, expertise and innovation to stabilize the industry.
“We recognize that this past year has been difficult for so many in our industry, with companies needing to find efficiencies and realign their operations.
“However, today’s news mirrors the considerable optimism we have recently seen in Alberta through increased drilling, rig counts and upstream development – all of which will drive jobs, revenues and further investment in our province. We have more work ahead of us, but this is a great way to start 2021 and further demonstrates the importance of Alberta’s oil and gas reserves in meeting post-pandemic demand.
“Alberta’s government is committed to continuing to create the right policy environment to ensure continued responsible development and helping get an industry that supports more than 500,000 Canadian jobs fully back on its feet.
“That commitment has been demonstrated through the decisive action we have taken as part of Alberta’s Recovery Plan by accelerating the Job Creation Tax Cut and establishing our corporate tax rate as one of the lowest in North America and 30 per cent lower than the next lowest province. In May, we launched the $1-billion Site Rehabilitation Program to get Alberta’s oil and gas labour force back while speeding up well, pipeline and site closure efforts. More broadly, we have significantly reduced red tape to reduce the burden on job creators and encourage investment.
“With 43 per cent of the world’s accessible free market oil reserves, we are perfectly positioned to offer investment in a stable and strong democracy. We have a highly educated, hard-working population and our province and industry are bound by the rule of law, an adherence to human rights, gender equality and a strong, transparent regulatory system.
“We will do everything in our power to highlight to the world the benefits of choosing Alberta.”