Alberta, Canada’s top hydrocarbon producing province, has seen strong investment in both oil and natural gas projects, which is leading to a strong revenue boost in 2023.

“Prospects for the energy sector remain positive, underpinned by solid energy  prices and the anticipated increase in Alberta’s takeaway capacity,” according to Alberta’s recent fiscal update.

“Energy prices are anticipated to remain supportive of activity,” the researchers said. “Producers are also expected to continue drilling at a solid pace.” Producers, however, are still expected to maintain capital discipline in expanding production and would continue to invest in emissions reduction initiatives.

Conventional oil production hit a five-year high in September. Natural gas output and...