The provincial government of oil-rich Alberta in Canada said it would support a greener and more diversified economy with a seven-year, $1.1 billion effort.

Drawing from funds from a climate leadership plan, provincial and industry leaders said Alberta is working to establish a reputation of diversity and innovation.

"These investments will ensure we continue to be the energy and innovation leader the world needs as it transitions to a low-carbon economy," Energy Minister Margaret McCuaig-Boyd said in a statement."When investors are looking for new and better ways to produce energy, we want them to look to Alberta."

Finance Minister Joe Ceci said the provincial economy is on pace to show a growth rate of gross domestic product of 4 percent for the year. First quarter growth was 3.1 percent and the latest estimate is the second time this year the provincial growth projection was revised higher.

Based on reserves for oil sands, a thicker type of oil, Alberta by itself ranks third in the world behind Venezuela and Saudi Arabia with a 2016 reserve estimate of 165.4 billion barrels. Production last year averaged 2.5 million barrels per day, which was about double the output from North Dakota, the second-largest oil producer in the United States.

The climate effort provides $347 million (USD) for the oil sands industry to support ways to stimulate production, while at the same time cutting emissions and adjusting to new rules for large emitters expected from the provincial government before the year is out.

Other funds goes to support ways the agricultural and manufacturing sectors can reduce emissions, grants from bioenergy projects and loan guarantees for renewable energy.

"The new funding is part of Alberta's response to recommendations from the Climate Technology Task Force and the Oil Sands Advisory Group - to expand and diversify markets available to Alberta energy producers and help ensure they continue to be global innovation leaders," the provincial government explained.

The provincial government is anticipating a deficit of $8 billion, $143 million less than forecast for the last budget. So far, the government is $78 million away from its goal of saving $312 million in administrative costs

Tweet

Cuban oil driller seeing interest from potential partners
Washington (UPI) Dec 4, 2017
Australian energy company Melbana, one of the few with an established footprint in Cuba, said it was vetting potential drilling partners for Block 9 operations. The company aims to tap the Alameda-1 prospect, which it said is in an area that has more than 630 million recoverable barrels of oil at the high end. The company said Monday it's identified a number oil and gas opportunities in ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only