CALGARY, July 8, 2014 /CNW/ - GE (NYSE:GE) and Suncor
Energy (NYSE, TSX: SU) announced today the signing of two
agreements which provide the opportunity for an investment of up to
approximately $18 million. These
agreements, involving other members from Canada's Oil Sands Innovation Alliance
(COSIA), are expected to enable the development of new technologies
to reduce greenhouse gas emissions and water usage in the oil
sands.
One agreement relates to a promising oil sands water treatment
pilot project expected to reduce water use, energy consumption and
greenhouse gas emissions, while simultaneously reducing capital and
operating costs for in situ oil sands operators.An existing
partnership between GE, Suncor and Alberta Innovates – Energy and
Environment Solutions (AI-EES) has been extended into a Joint
Industry Project within the collaboration framework of COSIA. With
new support from Devon Canada Corporation and ConocoPhillips Canada
Resources Corp., the group remains committed to further testing
produced water treatment technologies in the steam-assisted gravity
drainage (SAGD) method of extraction.
In addition to this pilot project, six COSIA member companies
have also signed a Memorandum of Understanding to pursue other
Joint Industry Projects with a potential investment of up to
approximately $13 million. These
projects are expected to develop technologies leading to even
further environmental performance improvements, primarily in the
areas of greenhouse gas reductions and advances in water treatment
technology.
"Today's announcements are a step toward a new generation of
environmental technologies," notes Elyse
Allan, President and CEO GE Canada. "With the ongoing input
of Alberta Innovates – Energy and Environment Solutions (AI-EES),
we look forward to collaborating with COSIA member companies to
fast-track technology development in Canada's oil industry, which is an important
driver of the country's economy."
"We have a world-class resource in Canada's oil sands that will supply energy for
decades to come," said Steve
Williams, Suncor president and chief executive officer.
"And, responsible development of this resource is as important to
everyone in the industry as it is to our stakeholders. By
collaborating with our industry peers, cooperating with government
bodies, and – of course – teaming up with companies like GE who
have internationally-renowned technical expertise, we are
continuing to take steps toward implementing innovative
technologies that will make a difference in continued environmental
improvements."
Background – The SAGD Produced Water Treatment pilot project
is expected to cost approximately $20
million in total (including approximately $5 million in new funding), and is currently
running at Suncor's MacKay River
facility, following preliminary lab work dating back to late 2011.
During the in situ process, steam is injected into wells to
mobilize bitumen, before being pumped to the surface as a stream of
bitumen and condensed steam (water).This stream passes through
de-oiling processes to remove most of the bitumen, but the
remaining produced water needs further treatment before it can be
re-used again as steam. The SAGD Produced Water Treatment pilot is
testing new technology so water can be treated more efficiently,
and to enable increased re-use of water within the in situ process.
The additional support from COSIA member companies (as mentioned
above) will help extend the pilot's testing phases to obtain more
data, and allow for additional laboratory-scale testing to further
refine the processes involved in the pilot. Extending the project
to COSIA members will also allow improvements to be shared across
the oil sands sector.
Forward-looking statements in this news release include those
related to: new technologies, which are expected to: (i)
reduce greenhouse gas emissions and water usage in the oil sands;
(ii) reduce water use, energy consumption and greenhouse gas
emissions, while simultaneously reducing capital and operating
costs for in situ oil sands operators; and (iii) further
environmental performance improvements, primarily in the areas of
greenhouse gas reductions and advances in water treatment
technology; and the SAGD Water Treatment pilot project, which is
expected to cost approximately $20
million in total. 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 our company. Suncor's actual results
may differ materially from those expressed or implied by our
forward-looking statements and you are cautioned not to place undue
reliance on them.
Suncor's Quarterly Report and Management's Discussion &
Analysis dated April 28, 2014 and
Suncor's most recently filed Annual Information Form/Form 40-F,
Annual Report to Shareholders and other documents it files from
time to time with securities regulatory authorities describe the
risks, uncertainties, material assumptions and other factors that
could influence actual results and such factors are incorporated
herein by reference. Copies of these documents are available
without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3Y7, by calling
1-800-558-9071, or by email request to info@suncor.com or by
referring to the company's profile on SEDAR at sedar.com or EDGAR
at sec.gov. Except as required by applicable securities laws,
Suncor disclaims any intention or obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Suncor Energy is Canada's
leading integrated energy company. Suncor's operations include oil
sands development and upgrading, conventional and offshore oil and
gas production, petroleum refining, and product marketing under the
Petro-Canada brand. A member of Dow Jones Sustainability indexes,
FTSE4Good and CDP, Suncor is working to responsibly develop
petroleum resources while also growing a renewable energy
portfolio. Suncor is listed on the UN Global Compact 100 stock
index and the Corporate Knights' Global 100. Suncor's common
shares (symbol: SU) are listed on the Toronto and New
York stock exchanges.
For more information about Suncor Energy visit our web site
at suncor.com, follow us on Twitter @SuncorEnergy, read our blog,
OSQAR or come and See what Yes can do.
GE (NYSE:GE) works on things that matter. The best people and
the best technologies taking on the toughest challenges. Finding
solutions in energy, health and home, transportation and finance.
Building, powering, moving and curing the world. Not just
imagining. Doing. GE works.
For more information about GE Canada visit our web site at
www.ge.com/ca follow us on Twitter @GE_Canada.
Alberta Innovates -- Energy and Environment Solutions
(AI-EES) is the lead agency advancing energy and
environmental technology innovation in Alberta. AI-EES serves as a catalyst for the
development of innovative, integrated ways to convert Alberta's natural resources into market-ready,
environmentally responsible energy and the sustainable management
of Alberta's water
resources.
SOURCE General Electric Canada Inc.