Alberta is hoping to push its drilling industry to new heights with a more than $20 million investment.
The investment comes from industry-funded TIER dollars and will be used to launch the Alberta Drilling Accelerator program to enable drilling experts in the province to develop new technologies, reduce emissions and increase responsible energy production around the globe.
"Alberta’s drilling expertise is second to none. The world needs energy and Alberta has the experience, geology, expertise and innovative spirit needed to deliver it," said Rebecca Schulz, Minister of Environment and Protected Areas. "This funding is all about getting the next generation of drilling tech out of the lab and into the field, powering the world and Alberta’s economy at the same time."
This funding will go towards speeding up the development of several technologies, including geothermal, helium, critical minerals and carbon capture, enhancing Alberta's already optimal position as a world-class province known for its drilling expertise.
The money will also help the province meet its emissions reduction mandate, said Justin Riemer, CEO of Emission Reduction Alberta.
"Drilling technology is highly relevant to Emissions Reduction Alberta’s mandate, as it offers a potential pathway to direct emissions reduction in the oil and gas sector while also playing a critical role in commercializing technologies in emerging areas like geothermal and critical minerals extraction," Riemer said. "We look forward to sharing the scope of this funding in the fall."
Many technologies and products face several challenges reaching the market due to factors such as high costs and limited access to demonstration sites, and this new funding aims to mitigate these issues, right in Alberta.
This is phase one of the Alberta Drilling Accelerator. More details on the program will be announced when it officially launches in the fall of 2025.
