If 2016 served as a fiery crash for Alberta, both as a metaphor for the state of its economy and in the case of Fort McMurray quite literally, 2017 represents its rebirth rising through the ashes. Thanks to the recent rebound of oil, the increase in spending by Alberta businesses, a surge in population increase, several ongoing massive projects and the rebuild of Fort McMurray, the province’s on the path to recovery. Alberta's expected to lead the country in GDP growth by 2.8 per cent, a crucial step towards growth. Despite the uncertainty, it’s business as usual in Alberta and the hopes are these aforementioned projects currently under construction should generate more revenue and optimism for Alberta when completed.
Alberta Carbon Trunk Line
Expected to be the world's largest carbon capture and storage project with a $1 billion price tag, the ACTL is a pipeline stretching 240 kilometres, collecting CO2 from industrial emitters and transporting it to older reservoirs. 14.6 million tonnes of CO2 per year will be compressed and stored, only to be injected into depleted reservoirs. The process is expected to yield over a billion barrels of oil, bringing in more than $15 billion to the province in the form of royalties. The project is expected to finish construction this year, with capture sites located at the North West Refinery and the Agrium Fertilizer Plant.
ATCO Energy Solutions’ Salt Cavern Storage
The Salt Cavern Storage is a series of salt caverns capable of storing more than 400,000 cubic metres of propane, butane and ethylene. In time, these caverns can help provide an alternative for hydrocarbon storage work. Three years in the making and expected to be completed by the second quarter of 2017, the $200 million project located in Fort Saskatchewan has the potential for further development to an upwards of 40 additional storage facilities.
Enbridge Norlite Pipeline Project
The Norlite Pipeline Project involves a 24-inch pipeline starting at Enbridge’s Stonefell Terminal in Strathcona and stretching to their south facilities in Fort McMurray, shipping hydrocarbons like diluent used to make heavy oil easier to transport. Expected to cost a $1.4 billion, the project is expected to wrap up in the spring.
Keyera NGL Expansion
The Keyera NGL Expansion intends to increase Keyera Corp’s capacity output of natural gas liquids from 30,000 barrels per day to 65,000 barrels per day. Boasting one of the largest independent energy companies in the country, Keyera’s facilities can mitigate supply-demand fluctuations by store liquids during times of slow activity, providing more when demand accurately rises. The cost for the expansion is an estimated $220 million.
The first refinery built in Canada in three decades and coming in at a cost of $8.5 billion, the Sturgeon Refinery is being built in three phases, the first intended to process bitumen, produce diesel and is expected to be completed later this year. The refinery will be capable of processing 79,000 barrels a day, with the later two phases carrying the same capacity.