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By Jaryn Vecchio

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Saskatchewan still aiming to increase crude production by 2030

Jun 26, 2023 | 1:00 PM

The province remains committed to increasing crude production by around 31 per cent over the next seven years.

In a statement sent to paNOW, the Ministry of Energy and Resources said the plan is to produce around 600,000 barrels per day by 2030. Right now, Saskatchewan is averaging around 462,000 barrels per day.

This increase is part of the Government of Saskatchewan’s 2030 Growth Plan.

“Saskatchewan is Canada’s second-largest oil-producing province and the fifth-largest onshore oil-producing jurisdiction in Canada and the United States,” read the statement. “Oil production remains a significant contributor to the province’s economy, and as world demand for oil from politically stable countries increases, Saskatchewan remains committed to supplying the food, fuel, and fertilizer the world needs.”

The province explains they’re aware of the impacts of emissions on the environment.

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To help combat them, they said they’ll continue to use carbon dioxide (CO2) injections when recovering the crude as it produces around 40 per cent fewer greenhouse gas emissions when compared with traditional practices.

“Saskatchewan’s (enhanced oil recovery) operations inject over two million tonnes of CO2 every year,” said the Ministry of Energy and Resources in its statement. “Using captured CO2 for additional enhanced oil recovery will result in decreased emissions and additional sustainable energy production, which allows us to get more mileage out of our wells while offsetting greenhouse gas emissions.”

According to the Ministry of Energy and Resources, capital expenditures for oil and gas in 2023 are expected to be around $3.4 billion and roughly $4 billion in 2024. Despite the COVID-19 pandemic, 2022 saw $2.8 billion in capital expenditures.

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Jaryn.Vecchio@pattisonmedia.com

On Twitter: @princealbertnow