8. ALBERTA’S OIL PRODUCTION NEVER HIGHER
Global’s Centre for Emissions Excellence. Average oil sands emissions per barrel, or so-called “emissions intensity” is now 28 percent lower than it was in 2009.
In early December, ATB Economics analyst Rob Roach reported that Alberta’s oil production has never been higher, averaging 3.9 million barrels per day in the first 10 months of the year. This is about 190,000 barrels per day higher than during the same period in 2023, enabled by the Trans Mountain expansion, Roach noted. 7. INDIGENOUS ENERGY OWNERSHIP SPREADS In September, the Bigstone Cree Nation became the latest Indigenous community to acquire an ownership stake in an Alberta energy project. Bigstone joined 12 other First Nations and Métis settlements in the Wapiscanis Waseskwan Nipiy Holding Limited Partnership, which holds 85 percent ownership of Tamarack Valley Energy’s Clearwater midstream oil and gas assets. The Alberta Indigenous Opportunities Corporation (AIOC) is backstopping the agreement with a total $195 million loan guarantee. In its five years of operations, the AIOC has supported more than 60 Indigenous communities taking ownership of energy projects, with loan guarantees valued at more than $725 million. 6. OIL SANDS EMISSIONS INTENSITY GOES DOWN A November report from S&P Global Commodity said that oil sands production growth is beginning to rise faster than emissions growth. While oil sands production in 2023 was nine percent higher than in 2019, total emissions rose by just three percent. “This is a notable, significant change in oil sands emissions,”said Kevin Birn, head of S&P
5. OIL AND GAS PRODUCERS BEAT
METHANE TARGET, AGAIN Data released by the Alberta Energy Regulator in November 2024 confirmed that methane emissions from conventional oil and gas production in the province continue to go down, exceeding government targets. In 2022, producers reached the province’s target to reduce methane emissions by 45 percent compared to 2014 levels by 2025 three years early. The new data shows that as of 2023, methane emissions have been reduced by 52 percent.
emissions intensity ” “
4. CEDAR LNG GETS THE GREEN LIGHT TO PROCEED
The world’s first Indigenous majority- owned liquefied natural gas (LNG) project is now under construction on the coast of Kitimat, B.C., following a positive final investment decision in June. Cedar LNG is a floating natural gas export terminal owned by the Haisla Nation and Pembina Pipeline Corporation. It will have capacity to produce 3.3 million tonnes of LNG per year for export overseas, primarily to meet growing demand in Asia. The $5.5-billion project will receive natural gas through the Coastal GasLink pipeline. Peak construction is expected in 2026, followed by startup in late 2028. 3. COASTAL GASLINK PIPELINE GOES INTO SERVICE The countdown is on to Canada’s first large- scale LNG exports, with the official startup of the $14.5-billion Coastal GasLink Pipeline in November.
Haisla Nation Chief Councillor Crystal Smith and Pembina Pipeline Corporation CEO Scott Burrows announce the Cedar LNG positive final investment decision on June 25, 2024. Photo courtesy Cedar LNG
48 SPOTLIGHT ON BUSINESS MAGAZINE • VOL 25 ISSUE 1
INDUSTRY • SPOTLIGHT ON BUSINESS MAGAZINE 49
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