indicatorThe Owl

More black gold flowing than ever in Alberta

After contracting in 2020, Alberta’s annual oil production surged back in 2021

By Rob Roach, ATB Economics 2 February 2022 1 min read

The oil production numbers for all 12 months of 2021 are now in and Alberta had a record-breaking year.

After contracting by 5.1% in 2020, Alberta’s annual oil production surged back in 2021, growing by 8.0% and reaching a new high of 1.32 billion barrels. The previous high of 1.29 billion barrels was set in 2019.

The growth over the previous decade has been impressive, with annual oil production in 2021 84% (600 million barrels) higher than it was in 2010.

The oil sands accounted for 86% of Alberta’s production last year. Oil sands production was about 5% higher last year than its pre-pandemic level in 2019. Conventional production (including condensate), on the other hand, was about 11% lower.

Annual production should continue to rise over time, but potential growth will be kept in check by limited new transportation capacity and climate change policy.

Answer to the previous trivia question: February is called Helmikuu, or "month of the pearl," in Finland because pearls of snow and ice often form on tree branches at this time of year.

Today’s trivia question: Which jurisdiction produces more oil: Alberta or Norway?

Oil production growth in Alberta has been impressive with annual oil production in 2021 600 million barrels higher than it was in 2010

Oil production growth in Alberta has been impressive with annual oil production in 2021 600 million barrels higher than it was in 2010


Economics News

Subscribe and get a quick daily snapshot of what’s happening in Alberta’s economy

Need help?

Our Client Care team will be happy to assist.

Chat now
ATB Virtual Assistant
The ATB Virtual Assistant doesn't support landscape mode. Please tilt your device vertically to portrait mode.