Global energy demand is expected to increase by 24% by 2040, with oil demand expected to rise by 9% and natural gas demand by 36%, overtaking coal. Alberta's energy sector is poised to meet this growing demand.
Not only does Alberta have abundant energy resources, but we are a world leader in sustainable and responsible resource development. Canada has the third-highest environmental, social and governance (ESG) performance among oil-producing countries.
Alberta has the world’s third-largest petroleum reserves and produced 81% of Canada’s crude oil in 2018. Canada is the world’s fifth-largest supplier of natural gas, with Alberta producing over two-thirds of Canada’s production.
Alberta’s energy development is supported by an extensive extraction, processing and transportation infrastructure system, and petroleum services sector. This sector represents the single largest source of employment in the province.
Our blueprint for jobs
As part of A Blueprint for Jobs, we will further unleash the economic potential of the energy sector by demonstrating to investors and the public that our resources are sustainable, economic and secure by:
- Leveraging innovation funding through the Technology Innovation and Emissions Reduction (TIER) program to advance the development and deployment of emission reduction technologies that help energy-intensive facilities innovate to stay competitive.
- Demonstrating the world-class ESG performance of Alberta energy companies as proof point of sustainable and responsible resource development in our province.
- Improving corporate competitiveness with the Job Creation Tax Cut.
- Reducing red tape to streamline business and development decisions, and streamlining the regulatory environment to advance energy projects in a timely fashion.
- Demonstrating national leadership in development of renewable energy, including geothermal, energy storage and hydrogen.
- Accelerating reclamation of legacy sites – including orphan wells – in ways that prioritize job creation. We will assess and address regulatory barriers that may be impeding the effectiveness of this work.
The growth potential in the Liquefied Natural Gas (LNG) industry in Canada provide investment opportunities for enhanced production, transportation, and value-added processing with the increased availability of natural gas liquids and a rejuvenated petrochemical sector.
We will seize opportunities by:
- Advancing investment in LNG infrastructure and natural gas transmission infrastructure in western and eastern Canada, expanding markets for Alberta’s natural gas resources.
- Supporting and pursuing regional, national and international investment in the petrochemical sector to catalyze new construction and long-term, high-paying jobs for Albertans.