Amid sky-high oilpatch profits, Alberta's premier wants to offer oil companies a new subsidy. Here's why

Résumé détaillé

The Alberta government is preparing to unveil new subsidies later this month for oil companies to ramp up production in order to help fill the province's proposed Pacific Link pipeline to the West Coast.

The incentives would come as the largest oil producers are posting billions of dollars in profits in their latest financial results and the industry as a whole is experiencing one of its most lucrative years over the last decade.

Suncor Energy, Cenovus Energy, Canadian Natural Resources and Imperial Oil posted combined profits of more than $12.5 billion in recent quarterly earnings reports. The Canadian oil and gas industry is forecast to post revenues of more than $200 billion in 2026, according to Studio Energy, after oil prices climbed above $100 US per barrel several times this year amid the U.S.-Iran war.

That's why some industry experts question why new subsidies are needed.

"What kind of incentives does the oil and gas sector really need?" said Janet Annesley, a former executive with Husky Energy and Shell Canada, on CBC Radio's Alberta at Noon.

"They've got money, they're buying back shares, they're flowing lots of dividends to shareholders. So what really more do we Albertans have to do to get them to make investments here and have more projects?"

Premier Danielle Smith, Annesley said, will have to "prosecute the case with Albertans about why we should be giving more incentives to oil companies."

Oil production is already at record levels, but with several new and expanded pipeline projects in development, there is uncertainty whether the industry will pump out enough crude to justify beginning construction on the Pacific Link — for which Smith wants construction to begin in fall 2027.

The province is seeking to create an "alternative enhanced royalty structure," according to Smith, to incentivize companies to commit to growing oil production.

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