Canadian Energy Centre
Oil and gas: Canada’s richest natural resource
Photo courtesy ARC Resources
From the Canadian Energy Centre
Energy assets valued at more than $40,000 per Canadian in 2022, StatsCan data shows
The value of Canada’s energy resources is more than 75 times greater than the country’s other natural resources combined, according to new data from Statistics Canada.
Led by the oil sands, Canada’s oil, gas and coal assets were worth $1.6 trillion in 2022 – or about $41,000 per Canadian.
That compares to $907 billion (about $23,000 per Canadian) for forest timber and minerals like potash, iron and copper.
The oil sands in Alberta contributed one-third of all Canada’s natural resource value, or about $860 billion.
“Energy resources are Canada’s top natural wealth contributor in 2022,” Statistics Canada reported.
In 2022, energy products were also Canada’s largest export, valued at nearly $230 billion. Canada’s second-largest export, consumer goods, followed at $84 billion.
World demand for oil and gas continues to rise. In 2022, global oil demand averaged a record 99.8 million barrels per day, according to the International Energy Agency (IEA).
The final data is not yet in for 2023, but in December the IEA affirmed the world is on track for another record, to reach 101.7 million barrels per day.
Meanwhile, work to reduce emissions is accelerating.
In Canada, emissions from so-called “conventional” (non-oil sands) oil production decreased by 24 per cent between 2019 and 2021, according to Environment and Climate Change Canada.
And Alberta oil and gas producers are ahead of schedule reducing methane emissions, achieving the target of a 45 per cent reduction from 2014 levels three years before the 2025 target.
In the oil sands, emissions did not go up in 2022 despite rising production, according to S&P Global. Oil sands emissions are now expected to start declining before 2025.
Through the Pathways Alliance, oil sands producers have jointly set the target to reach net zero emissions from operations by 2050, anchored by one of the world’s largest carbon capture and storage (CCS) projects, to be operational by 2030.
So far, the six companies in the alliance have spent $1.8 billion to advance this plan.
Taiwan Semiconductor Manufacturing Company’s campus in Nanjing, China
From the Canadian Energy Centre
Canada inches away from first large-scale LNG exports
The world’s leading producer of semiconductor chips wants access to Canadian energy as demand for artificial intelligence (AI) rapidly advances.
Specifically, Canadian liquefied natural gas (LNG).
The Taiwan Semiconductor Manufacturing Company (TSMC) produces at least 90 per cent of advanced chips in the global market, powering tech giants like Apple and Nvidia.
Taiwanese companies together produce more than 60 per cent of chips used around the world.
That takes a lot of electricity – so much that TSMC alone is on track to consume nearly one-quarter of Taiwan’s energy demand by 2030, according to S&P Global.
“We are coming to the age of AI, and that is consuming more electricity demand than before,” said Harry Tseng, Taiwan’s representative in Canada, in a webcast hosted by Energy for a Secure Future.
According to Taiwan’s Energy Administration, today coal (42 per cent), natural gas (40 per cent), renewables (9.5 per cent) and nuclear (6.3 per cent), primarily supply the country’s electricity.
The government is working to phase out both nuclear energy and coal-fired power.
“We are trying to diversify the sources of power supply. We are looking at Canada and hoping that your natural gas, LNG, can help us,” Tseng said.
Canada is inches away from its first large-scale LNG exports, expected mainly to travel to Asia.
The Coastal GasLink pipeline connecting LNG Canada is now officially in commercial service, and the terminal’s owners are ramping up natural gas production to record rates, according to RBN Energy.
RBN analyst Martin King expects the first shipments to leave LNG Canada by early next year, setting up for commercial operations in mid-2025.
Cenovus Energy’s Sunrise oil sands project in northern Alberta
From the Canadian Energy Centre
By Will Gibson
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