CALGARY, Alberta, Jan. 04, 2023 (GLOBE NEWSWIRE) -- The Pathways Alliance, representing Canada’s largest oil sands producers, has entered into a Carbon Sequestration Evaluation Agreement with the Government of Alberta.
The agreement enables the Alliance to immediately start a detailed evaluation of its proposed geological storage hub which would be one of the world’s largest carbon capture and storage (CCS) projects. This will help further assess the geological characteristics and properties of the deep underground CO2 storage formation.
“This agreement marks another significant milestone on the road to finalizing plans for our proposed CCS project in northeastern Alberta and achieving our goal of reaching net zero emissions by 2050 to help Canada meet its climate commitments,” said Kendall Dilling, President of the Pathways Alliance.
“We appreciate the comprehensive and collaborative efforts of the Government of Alberta to manage the growth of carbon capture and storage strategically and responsibly.
“CCS has been globally recognized as one of the most effective means of reducing industrial greenhouse gas emissions, and Alberta’s geology makes this one of the most ideally suited places in the world to safely inject and permanently store CO2.
“With this agreement in place, we can continue to progress this ambitious project that will help position Canada as one of the world’s most advanced nations in decarbonizing its energy production.”
The agreement paves the way to start the detailed testing required to further assess sequestration suitability, with field work set to start this winter.
This testing – and existing information collected by Pathways Alliance companies with operations in the area – will help with field development plans to support the final application for a storage agreement and further regulatory approvals.
The proposed carbon storage hub would be connected to a transportation line that would initially gather captured CO2 from an anticipated 14 oil sands facilities in the Fort McMurray, Christina Lake and Cold Lake regions. The plan is to grow the transportation network to include over 20 oil sands facilities, and to accommodate other industries in the region interested in CCS.
The project is critical to achieving Pathways Alliance’s plan to reduce CO2 emissions from its member companies’ oil sands operations by 22 million tonnes by 2030 and enabling the goal of net zero by 2050.
Engagement is ongoing with local stakeholders and First Nation and Métis communities along the proposed CO2 transportation line and storage network.
Launched in 2021, Pathways Alliance is a collaboration between Canadian Natural, Cenovus Energy, ConocoPhillips Canada, Imperial, MEG Energy and Suncor Energy, which together operate approximately 95 per cent of Canada’s oil sands production.
Canadians can learn more about Pathways Alliance’s plan and its unprecedented level of collaboration to develop and deploy technologies to reduce emissions by visiting https://pathwaysalliance.ca.
Contact: Mark Cooper, Media Relations
Email: [email protected]
Cautionary Statement: Statements of future events or conditions in this press release, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as achieve, aspiration, believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, forecast, vision, strategy, outlook, schedule, future, continue, likely, may, should, will and/or similar references to outcomes in future periods. Forward-looking statements in this press release include, but are not limited to, references to the viability, timing and impact of the net zero plan and the development of pathways in support of a net-zero future; support for the pathways from the Government of Alberta and the Government of Canada; the ability to enable net zero emissions from oil production and preserve economic contribution from the industry; the deployment of technologies to reduce GHG emissions; the ability to create jobs, accelerate development of the clean tech sector, provide benefits for other sectors and help maintain Canadians’ quality of life; and making economic investments to ensure a successful transition to a net zero world and delivering long term value to shareholders. All net-zero references in this announcement apply to emissions from oil sands operations (defined as scope 1 and scope 2 emissions).
Forward-looking statements are based on current expectations, estimates, projections and assumptions at the time the statements are made. Actual future results, including expectations and assumptions concerning: demand growth and energy source, supply and mix; amount and timing of emissions reductions; the adoption and impact of new facilities or technologies, including on reductions to GHG emissions; project plans, timing, costs, technical evaluations and capacities, and the ability to effectively execute on these plans and operate assets; that any required support for the pathways from the Government of Alberta and the Government of Canada will be provided; applicable laws and government policies, including climate change and restrictions in response to COVID-19; production rates, growth and mix; general market conditions; and capital and environmental expenditures, could differ materially depending on a number of factors. These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and the resulting price, differential and margin impacts; political or regulatory events, including changes in law or government policy and actions in response to COVID-19; the receipt, in a timely manner, of regulatory and third-party approvals including for new technologies; lack of required support from the Government of Alberta and the Government of Canada; environmental risks inherent in oil and gas exploration and production activities; environmental regulation, including climate change and GHG regulation and changes to such regulation; availability and allocation of capital; availability and performance of third-party service providers; unanticipated technical or operational difficulties; project management and schedules and timely completion of projects; reservoir analysis and performance; unexpected technological developments; the results of research programs and new technologies, and ability to bring new technologies to commercial scale on a cost-competitive basis; operational hazards and risks; general economic conditions, including the occurrence and duration of economic recessions; and other factors referenced by the companies’ in their most recent respective annual reports and management’s discussion and analysis, as applicable.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to the companies. Actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. The companies undertake no obligation to update any forward-looking statements contained in this press release, except as required by applicable law.
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