01/15/2015 12:53 EST | Updated 03/17/2015 05:59 EDT

Joe Oliver talks budget in Calgary amid oil-sector slowdown

Finance Minister Joe Oliver is set to address Calgary's business community during a lunchtime speech in the city's downtown at the Chamber of Commerce.

All week there have been projections about how tough the next 12 months will be in the Alberta city because of low oil prices.

Oliver is travelling the country discussing the upcoming federal budget.

On Wednesday, he proclaimed the federal government will be able to balance the budget in 2015 and even post a surplus of about $1.6 billion.

The decline of crude prices has already resulted in layoffs in Alberta's energy sector, and prompted some economists to predict the province's economy could contract in 2015 and enter a recession.