Oil and gas properties valued at more than $40,000 per Canadian in 2022, StatsCan information programs
The worth of Canada’s energy resources is more than 75 times higher than the nation’s other natural deposits integrated, according to brand-new information from Statistics Canada.
Led by the oil sands, Canada’s oil, gas and coal properties deserved $1.6 trillion in 2022– or about $41,000 per Canadian.
That compares to $907 billion (about $23,000 per Canadian) for forest wood and minerals like potash, iron and copper.
The oil sands in Alberta contributed one-third of all Canada’s natural deposit worth, or about $860 billion.
“Energy resources are Canada’s leading natural wealth factor in 2022,” Statistics Canada reported.
In 2022, energy items were likewise Canada’s biggest exportvalued at almost $230 billion. Canada’s second-largest export, durable goods, followed at $84 billion.
World need for oil and gas continues to increase. In 2022, international oil need balanced a record 99.8 million barrels each day, according to the International Energy Agency (IEA).
The last information is not yet in for 2023, however in Decemberthe IEA verified the world is on track for another record, reaching 101.7 million barrels daily.
Work to minimize emissions is speeding up.
In Canada, emissions from so-called “traditional” (non-oil sands) oil production reduced by 24 percent in between 2019 and 2021, according to Environment and Climate Change Canada.
And Alberta oil and gas manufacturers are ahead of schedule in decreasing methane emissions, accomplishing the target of a 45 percent decrease from 2014 levels 3 years before the 2025 target.
In the oil sands, emissions did not increase in 2022 regardless of increasing production, according to S&P Global. Oil sands emissions are now anticipated to begin decreasing before 2025.
Through the Pathways Allianceoil sands manufacturers have actually collectively set the target to reach net absolutely no emissions from operations by 2050, anchored by among the world’s biggest carbon capture and storage (CCS) jobs, to be functional by 2030.
Far, the 6 business in the alliance have actually invested $1.8 billion to advance this strategy.
Deborah Jaremko
Deborah Jaremko is director of material for the Canadian Energy Centrea Troy Media Editorial Content Provider Partner.
Troy Media