Alberta
New $1 billion pipeline deal spreads Indigenous ownership through Alberta, B.C. and Saskatchewan

From the Canadian Energy Centre
By Will Gibson
‘We are writing the history of tomorrow today, not living the outcomes of our forefathers’
In a landmark agreement announced July 30, a consortium of up to 72 Indigenous communities in Alberta, British Columbia and Saskatchewan will buy a 5.34 per cent stake in TC Energy’s NGTL natural gas network.
The agreement is backed by a $1 billion loan guarantee from the Alberta Indigenous Opportunities Corporation (AIOC).
TC Energy’s sprawling NGTL network spans 25,000 kilometres and handles about 10 per cent of North America’s natural gas, connecting production in Alberta and British Columbia to domestic and export markets.
The loan guarantee has similarly impressive scope and size, quadrupling the AIOC’s previous largest financial commitment, a $250 million loan guarantee provided to 23 Indigenous communities in September 2022 to help purchase an 11.57 per cent stake in seven Enbridge oil sands pipelines in northern Alberta.
The deal will raise the AIOC’s support of Indigenous equity ownership in resource projects to over $1.68 billion since 2019.
“I’ve participated in three of these transactions, including the Enbridge loan guarantee, and you can see an evolution in the size and complexity of these agreements,” says Justin Bourque, founder and president of Âsokan Generational Developments, a consultancy that specializes in partnerships between Indigenous communities and industry.
“They are building on the good work from previous deals and it’s wonderful to see the AIOC expanding into neighbouring provinces, where these types of agreements will have significant benefits to the participating Nations in B.C. and Saskatchewan as well as Alberta.”

Âsokan Generational Developments president and founder Justin Bourque pictured on his trap line in northern Alberta with the Long Lake oil sands facility in the background. Photo for Canadian Energy Centre
The new agreement also demonstrates growing comfort among Indigenous communities, industry players and lenders as these equity arrangements become more commonplace, says Heather Exner-Pirot, director of energy, natural resources and environment at the Macdonald-Laurier Institute, an Ottawa-based think tank.
“There are some formidable challenges with trying to negotiate with multiple communities across different treaty areas and provinces, but this shows the confidence the Alberta government has in backstopping these bespoke deals with communities and companies when the merits of the project deserves it,” says Exner-Pirot, who also serves as a special advisor to the Business Council of Canada.
“It also demonstrates the confidence from the lenders in these equity deals for pipelines. And that confidence is well founded because these existing pipelines are a stable business that generate the revenues to pay back the loan as well as income for the communities to use as well.”
The announcement builds on momentum for Indigenous ownership of Canadian energy projects, including June’s announcement that the Haisla Nation and Pembina Pipeline Corporation will move ahead with the Cedar LNG project.
The floating LNG export facility on Canada’s west coast will be the world’s first with Indigenous majority ownership.
Bourque sees the agreements providing a framework for future partnerships between Indigenous communities, government and industry beyond equity ownership.
“This is an important stepping stone in our evolution and it’s exciting to see it continue through pursuing opportunities in energy development, decarbonization and energy transition projects,” Bourque says.
“We are writing the history of tomorrow today, not living the outcomes of our forefathers.”
Exner-Pirot also sees a bright future for collaborations between Indigenous communities and energy companies, in part because the federal, Saskatchewan and BC governments now also offer loan guarantee programs.
“These deals take months, if not years, to come together and what this shows is the AIOC, Indigenous communities and energy companies have found a template that works,” she says.
“The NGTL loan guarantee is the biggest but it won’t be the last one.”
Alberta
Big win for Alberta and Canada: Statement from Premier Smith

Premier Danielle Smith issued the following statement on the April 2, 2025 U.S. tariff announcement:
“Today was an important win for Canada and Alberta, as it appears the United States has decided to uphold the majority of the free trade agreement (CUSMA) between our two nations. It also appears this will continue to be the case until after the Canadian federal election has concluded and the newly elected Canadian government is able to renegotiate CUSMA with the U.S. administration.
“This is precisely what I have been advocating for from the U.S. administration for months.
“It means that the majority of goods sold into the United States from Canada will have no tariffs applied to them, including zero per cent tariffs on energy, minerals, agricultural products, uranium, seafood, potash and host of other Canadian goods.
“There is still work to be done, of course. Unfortunately, tariffs previously announced by the United States on Canadian automobiles, steel and aluminum have not been removed. The efforts of premiers and the federal government should therefore shift towards removing or significantly reducing these remaining tariffs as we go forward and ensuring affected workers across Canada are generously supported until the situation is resolved.
“I again call on all involved in our national advocacy efforts to focus on diplomacy and persuasion while avoiding unnecessary escalation. Clearly, this strategy has been the most effective to this point.
“As it appears the worst of this tariff dispute is behind us (though there is still work to be done), it is my sincere hope that we, as Canadians, can abandon the disastrous policies that have made Canada vulnerable to and overly dependent on the United States, fast-track national resource corridors, get out of the way of provincial resource development and turn our country into an independent economic juggernaut and energy superpower.”
Alberta
Energy sector will fuel Alberta economy and Canada’s exports for many years to come

From the Fraser Institute
By any measure, Alberta is an energy powerhouse—within Canada, but also on a global scale. In 2023, it produced 85 per cent of Canada’s oil and three-fifths of the country’s natural gas. Most of Canada’s oil reserves are in Alberta, along with a majority of natural gas reserves. Alberta is the beating heart of the Canadian energy economy. And energy, in turn, accounts for one-quarter of Canada’s international exports.
Consider some key facts about the province’s energy landscape, as noted in the Alberta Energy Regulator’s (AER) 2023 annual report. Oil and natural gas production continued to rise (on a volume basis) in 2023, on the heels of steady increases over the preceding half decade. However, the dollar value of Alberta’s oil and gas production fell in 2023, as the surging prices recorded in 2022 following Russia’s invasion of Ukraine retreated. Capital spending in the province’s energy sector reached $30 billion in 2023, making it the leading driver of private-sector investment. And completion of the Trans Mountain pipeline expansion project has opened new offshore export avenues for Canada’s oil industry and should boost Alberta’s energy production and exports going forward.
In a world striving to address climate change, Alberta’s hydrocarbon-heavy energy sector faces challenges. At some point, the world may start to consume less oil and, later, less natural gas (in absolute terms). But such “peak” consumption hasn’t arrived yet, nor does it appear imminent. While the demand for certain refined petroleum products is trending down in some advanced economies, particularly in Europe, we should take a broader global perspective when assessing energy demand and supply trends.
Looking at the worldwide picture, Goldman Sachs’ 2024 global energy forecast predicts that “oil usage will increase through 2034” thanks to strong demand in emerging markets and growing production of petrochemicals that depend on oil as the principal feedstock. Global demand for natural gas (including LNG) will also continue to increase, particularly since natural gas is the least carbon-intensive fossil fuel and more of it is being traded in the form of liquefied natural gas (LNG).
Against this backdrop, there are reasons to be optimistic about the prospects for Alberta’s energy sector, particularly if the federal government dials back some of the economically destructive energy and climate policies adopted by the last government. According to the AER’s “base case” forecast, overall energy output will expand over the next 10 years. Oilsands output is projected to grow modestly; natural gas production will also rise, in part due to greater demand for Alberta’s upstream gas from LNG operators in British Columbia.
The AER’s forecast also points to a positive trajectory for capital spending across the province’s energy sector. The agency sees annual investment rising from almost $30 billion to $40 billion by 2033. Most of this takes place in the oil and gas industry, but “emerging” energy resources and projects aimed at climate mitigation are expected to represent a bigger slice of energy-related capital spending going forward.
Like many other oil and gas producing jurisdictions, Alberta must navigate the bumpy journey to a lower-carbon future. But the world is set to remain dependent on fossil fuels for decades to come. This suggests the energy sector will continue to underpin not only the Alberta economy but also Canada’s export portfolio for the foreseeable future.
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