Released November 27, 2024 | SUGAR LAND
en
Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Tens of millions of dollars in provincial funds will go to support a new test program for drilling technology used for oil, natural gas and minerals, Alberta's government said.
The provincial government on Monday announced plans to invest up to US$38 million to support a drilling accelerator program, a first of its kind for the country. Unlike its peers, Alberta said Canada lacks an open-access test site for drilling technology used for anything from lithium mining to geothermal operations and fossil fuels.
"We are setting the stage for innovation and prosperity, pushing Alberta's drilling expertise to places it's never been before," said Alberta Premier Danielle Smith.
The provincial government said it's already vetted interest in the program from the likes of geothermal energy company Eavor Technologies (Calgary, Alberta) and upstream services company Halliburton (NYSE:HAL) (Houston, Texas).
"The Alberta Drilling Accelerator will not only cement the region's place as a global leader in geothermal commercialization, but enhance efficiency, reduce environmental impacts and strengthen Alberta's leadership in sustainable energy solutions," said John Gorman, a vice president for Canadian operations for Halliburton.
Canada ranks fourth in the world, behind Iran, Saudi Arabia and Venezuela in terms of oil, with 168 million barrels in estimated reserves. Most of that is in Alberta, where production averaged 4.3 million barrels per day (BBL/d) last year.
Apart from conventional energy, Alberta is working to position itself at the leading edge of the energy transition. The provincial government believes hydrogen, an emerging darling in the pivot away from fossil fuels, is a trillion-dollar business globally, for example.
Elsewhere, the country claims about 2.5% of the world's known deposits of lithium, a critical material in the energy transition. Most of its deposits are in Quebec, though lithium compounds can be pulled out of the oil and gas fields in Alberta.
The domestic effort to bolster drilling technology comes amid tariff threats from U.S. President-elect Donald Trump. On Monday, Trump used his Truth Social media platform to announce plans to impose a 25% tariff on all products entering the United States from Canada.
Trump brokered a free-trade agreement with Canada and Mexico during his first term in office. Canada is the top exporter of items such as crude oil and timber to the United States.
There was no official response from Canadian governments on the proposed tariffs by Tuesday. The tariff announcement comes amid speculation, however, that Trump would look to revive the Keystone XL oil pipeline that would carry Alberta crude oil to the U.S. Gulf Coast.
Outgoing U.S. President Joe Biden scrapped the project, proposed more than a decade ago, on environmental grounds.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The provincial government on Monday announced plans to invest up to US$38 million to support a drilling accelerator program, a first of its kind for the country. Unlike its peers, Alberta said Canada lacks an open-access test site for drilling technology used for anything from lithium mining to geothermal operations and fossil fuels.
"We are setting the stage for innovation and prosperity, pushing Alberta's drilling expertise to places it's never been before," said Alberta Premier Danielle Smith.
The provincial government said it's already vetted interest in the program from the likes of geothermal energy company Eavor Technologies (Calgary, Alberta) and upstream services company Halliburton (NYSE:HAL) (Houston, Texas).
"The Alberta Drilling Accelerator will not only cement the region's place as a global leader in geothermal commercialization, but enhance efficiency, reduce environmental impacts and strengthen Alberta's leadership in sustainable energy solutions," said John Gorman, a vice president for Canadian operations for Halliburton.
Canada ranks fourth in the world, behind Iran, Saudi Arabia and Venezuela in terms of oil, with 168 million barrels in estimated reserves. Most of that is in Alberta, where production averaged 4.3 million barrels per day (BBL/d) last year.
Apart from conventional energy, Alberta is working to position itself at the leading edge of the energy transition. The provincial government believes hydrogen, an emerging darling in the pivot away from fossil fuels, is a trillion-dollar business globally, for example.
Elsewhere, the country claims about 2.5% of the world's known deposits of lithium, a critical material in the energy transition. Most of its deposits are in Quebec, though lithium compounds can be pulled out of the oil and gas fields in Alberta.
The domestic effort to bolster drilling technology comes amid tariff threats from U.S. President-elect Donald Trump. On Monday, Trump used his Truth Social media platform to announce plans to impose a 25% tariff on all products entering the United States from Canada.
Trump brokered a free-trade agreement with Canada and Mexico during his first term in office. Canada is the top exporter of items such as crude oil and timber to the United States.
There was no official response from Canadian governments on the proposed tariffs by Tuesday. The tariff announcement comes amid speculation, however, that Trump would look to revive the Keystone XL oil pipeline that would carry Alberta crude oil to the U.S. Gulf Coast.
Outgoing U.S. President Joe Biden scrapped the project, proposed more than a decade ago, on environmental grounds.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
