indicatorThe Twenty-Four

Another record-setting year for oil production in Alberta

The amount of oil produced in Alberta was just shy of 1.4 billion barrels in 2023

By Rob Roach, ATB Economics 5 February 2024 1 min read

Oil production in Alberta rose to 3.82 million barrels per day in 2023 to set a new annual record. The total number of barrels produced last year was just shy of 1.4 billion. The annual increase came despite significant wildfire activity and maintenance in the spring and summer.

With the exception of 2016 (forest fires) and 2020 (price crash and pandemic), Alberta has produced more oil every year since at least 2011.

The last month of the year was a particularly strong month for production at 4.19 million barrels per day, a new monthly record and 10% higher than the previous December.

Conventional production (including condensate) increased by 3.5% in 2023 and accounted for 15.5% of total production. Annual oil sands output, meanwhile, increased by 2.1%.

With production ramping up, the completion of the Trans Mountain Pipeline expansion project later this year (currently slated to come online in the second quarter) will provide much needed additional egress capacity of 590,000 barrels per day and support even stronger oil sands production.

Answer to the previous trivia question: In economics, revenue earned from “land” is called “rent.”

Today’s trivia question: Annual conventional oil production (including condensate) in Alberta was 25% higher in 2023 than in 2010. How much higher was oil sands production?

Annual oil production in Alberta came in at 3.82 million barrels per day in 2023

Annual oil production in Alberta came in at 3.82 million barrels per day in 2023

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