Calgary Oil Industry
Overview
Calgary has always been renowned as an energy city, and it is now being acknowledged as a worldwide energy transition leader. Calgary is Canada's greatest producer of oil and natural gas. The Alberta province also has some of the top wind, solar, bioenergy, and geothermal resources in Canada.
Digital transformation is increasingly becoming the most important driver of new energy solutions and technology expenditures. Calgary's oil industry is expected to spend $2.3 billion on digital transformation by 2024.
Calgary Oil Industry in Recent Years
According to ATB Economics, Alberta's oil output established a new high in the first half of 2022.
Between January and June, daily output reached 3.6 million barrels per day, up from 3.5 million barrels in the first half of 2021.
According to the research, the average output was about 2.3 million barrels per day a decade ago.
According to ATB, oil sands accounted for 85% of overall output, albeit conventional production rose faster. Oilsands' output increased by 24,000 barrels per day compared to 2021, while conventional production increased by about 62,000 barrels per day.
The technology utilized in Calgary to extract oil and gas from the earth has substantially improved over the last 60 years, improving extraction efficiency while decreasing damage to the landscape and animals.
Shallow gas wells, for example, may be dug in less than a day with minimum disruption to the plant or soil. Trenchless pipeline procedures for small-diameter pipes provide the least amount of disruption to the right-of-way. This protects the surrounding landscape, preserves animal habitat, lowers the potential of invasive plant species establishing, and increases the likelihood of future restoration success.
The federal and provincial governments, as well as other regulatory agencies like the Energy Resources Conservation Board (ERCB) and the National Energy Board (NEB), offer a comprehensive framework for the safe extraction, refining, and transportation of oil and gas.
Oil and gas organizations in Calgary must also follow regulations that protect animals and the environment. Water bodies, migrating birds, and endangered animals are all protected under different federal and provincial laws under which oil and gas corporations must operate.