Released on March 23, 2022
The 2022-23 Budget reinforces the importance of the natural resource sector as a key contributor to Saskatchewan's economy and global provider of responsibly produced and regulated oil and gas, mining and forestry products.
"Our province's traditional and emerging resource sectors are key drivers of the economy and continue to create tens of thousands of jobs for Saskatchewan people and significant prosperity here and across Canada," Energy and Resources Minister Bronwyn Eyre said. "With energy independence and security more important than ever, we continue to be strong advocates for our resource industries and against anti-energy policies and positions taken by the federal government and other governments, which limit Saskatchewan's economic growth and potential."
The Ministry of Energy and Resources continues to focus on the goals outlined in Saskatchewan's Growth Plan, including, by 2030, increasing oil production to 600,000 barrels per day, the annual value of potash sales to $9.0 billion, annual uranium sales to $2.0 billion, and doubling the size of the forestry sector.
Energy and Resources is recognized for its regulatory excellence and is constantly striving to improve and streamline regulatory processes. The budget provides funding to update and modernize current Information Technology systems. This includes the implementation of the Financial Security Site Closure Regulations (FSSCR), which will further reduce the number of inactive oil and gas sites in the province, and an integrated geoscience data management system, which will enhance investment and exploration attractiveness.
The budget also incorporates the automation of helium and non-hydrocarbon gas administration, which will increase growth opportunities in critical minerals and help Saskatchewan achieve our Helium Action Plan goal to supply ten per cent of global helium market share by 2030.
In addition, the budget includes $112 million flow-through funding for the continuation of the federal Accelerated Site Closure Program (ASCP), which supports the reclamation of oil and gas wells and facilities and prioritizes Saskatchewan-based oil and gas service companies. Over the life of the program, the ASCP is anticipated to support approximately 2,100 full-time Saskatchewan jobs. As of January 31, 2022, more than 689 Saskatchewan-based companies have participated in program work. The ASCP has issued over $305 million in work packages and completed 4,376 well abandonments, 1,666 flowline abandonments, and almost 8,080 site remediation and reclamation projects.
"With demand increasing and supply being reduced due to global unrest, this should be a strong year for Saskatchewan's resource sector and the jobs it creates," Eyre said. "Saskatchewan will continue to be a stable, reliable source of sustainable oil, potash, uranium, forestry products and many other natural resources that the world needs."
For more information, contact:Robin Speer
Energy and Resources