(Calgary) Canada’s largest oil sands producers said Friday they will spend $16.5 billion by 2030 on the first stage of a massive carbon capture and storage facility project near Cold Lake , Alberta.
Posted at 1:04 p.m.
The New Paths Alliance, a consortium of the country’s six largest oil sands companies, says preliminary work on the proposed project is well advanced.
The group has yet to make a decision on whether to move forward with the project, which would capture carbon dioxide emissions from more than 20 oil sands facilities in northern Alberta and store them safely underground. , which would reduce emissions by approximately 10 million tonnes per year.
But he says he has already completed pre-engineering work and consulted with indigenous communities along the route of the proposed 400km pipeline that will transport the CO2 captured to the storage center.
The New Ways Alliance also indicates that it is in talks with the federal and provincial governments and will begin construction “as soon as the necessary financial and regulatory conditions are in place”.
Oil sands companies have made record profits in 2022 due to oil prices, which have soared. Critics say companies should use the windfall to move faster on decarbonization projects.