Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy
and Suncor Energy formally announced today the Oil Sands Pathways
to Net Zero initiative. These companies operate approximately 90%
of Canada’s oil sands production. The goal of this unique alliance,
working collectively with the federal and Alberta governments, is
to achieve net zero greenhouse gas (GHG) emissions from oil sands
operations by 2050 to help Canada meet its climate goals, including
its Paris Agreement commitments and 2050 net zero aspirations.
- This collaborative effort follows welcome announcements from
the Government of Canada and the Government of Alberta of important
support programs for emissions- reduction projects and
infrastructure. Collaboration between industry and government will
be critical to progressing the Oil Sands Pathways to Net Zero
vision and achieving Canada’s climate goals.
- The Pathways vision is anchored by a major Carbon Capture,
Utilization and Storage (CCUS) trunkline connected to a carbon
sequestration hub to enable multi-sector ‘tie-in’ projects for
expanded emissions reductions. The proposed CCUS system is similar
to the multi-billion dollar Longship/Northern Lights project in
Norway as well as other CCUS projects in the Netherlands, U.K. and
U.S., all of which involve significant collaboration between
industry and government.
- The Pathways initiative is ambitious and will require
significant investment on the part of both industry and government
to advance the research and development of new and emerging
technologies.
- The companies involved look forward to continuing to work with
the federal and Alberta governments, and to engaging with local
Indigenous communities in northern Alberta to make this ambitious,
major emissions-reduction vision a reality so those communities can
continue to benefit from Canadian resource development.
As proud Canadian companies, members of the Pathways alliance
share the aspiration of Canadians to find realistic and workable
solutions to the challenge of climate change. The oil sands
industry is a significant source of GHG emissions and the
initiative will develop an actionable approach to address those
emissions, while also preserving the more than $3 trillion in
estimated oil sands contribution to Canada’s gross domestic product
(GDP) over the next 30 years. The initiative will create jobs,
accelerate development of the clean tech sector, provide benefits
for multiple other sectors and help maintain Canadians’ quality of
life. The members of the Pathways alliance will do their part by
making the economic investments needed to ensure that our companies
successfully make the transition to a net zero world, and hence,
deliver long-term value to shareholders.
Because there is no single solution to achieving net zero
emissions, the initiative incorporates a number of parallel
pathways to address GHG emissions, including:
- A core Alberta infrastructure corridor linking oil sands
facilities in the Fort McMurray and Cold Lake regions to a carbon
sequestration hub near Cold Lake via a CO2 trunkline. The trunkline
would also be available to other industries in the region
interested in capturing and sequestering CO2. There is also
potential to link the infrastructure corridor to the Edmonton
region.
- Deploying existing and emerging GHG reduction technologies at
oil sands operations along the corridor, including CCUS technology,
clean hydrogen, process improvements, energy efficiency, fuel
switching and electrification.
- Evaluating, piloting and accelerating application of potential
emerging emissions-reducing technologies including direct air
capture, next-generation recovery technologies and small modular
nuclear reactors.
In addition to collaborating and investing together with
industry, it is essential for governments to develop enabling
policies, fiscal programs and regulations to provide certainty for
this type of long-term, large-scale investment. This includes
dependable access to carbon sequestration rights, emissions
reduction credits and ongoing investment tax credits. We look
forward to continued collaboration with both the federal and
Alberta governments to create the regulatory and policy certainty
and fiscal framework needed to ensure the economic viability of
this initiative.
Canada is uniquely positioned to be a global leader in
responsible oil production. The country has the world’s
third-largest oil reserves, some of the most stringent regulations
and standards governing energy projects anywhere in the world, a
strong track record for technology development and an established
reputation of industry working together with Indigenous communities
and municipalities. Members of the Pathways initiative believe the
most effective way to address climate change is by developing and
advancing new technologies and that this unprecedented challenge
can and will be solved by Canadian ingenuity, leadership and
collaboration.
While alternative energy sources will play an increasingly
important role in the decades ahead, all internationally recognized
forecasts indicate fossil fuels will continue to be an essential
requirement through 2050 and beyond as part of a diversified energy
mix, including as a feedstock for carbon fibres, asphalt, plastics
and other important products. That’s why it’s critical to take
action now to ensure Canada takes its place as a leading supplier
of responsibly produced oil to meet the world’s demand for energy
well into the future.
Quotes
Government
of
Alberta
“The Oil Sands Pathways to Net Zero
initiative is an industry driven, made-in-Alberta solution which
will strengthen our position as global ESG leaders,” said Sonya
Savage, Alberta’s Minister of Energy. “Every credible energy
forecast indicates that oil will be a major contributor to the
energy mix in the decades ahead and even beyond 2050. Alberta is
uniquely positioned and ready to meet that demand. This initiative
will also pave the way for continued technological advancements,
ultimately leading to the production of net zero barrels of
oil.”
Canadian Natural Resources Limited
“Canada has an opportunity to lead on
climate change by delivering meaningful emissions reductions as
well as balancing sustainable economic development,” said Tim
McKay, Canadian Natural President. “Canadian ingenuity has enabled
oil sands development and with continued innovation, positions
Canada to be the ESG-leading barrel to meet global energy demand.
We are committed to working together with industry partners and
governments to help meet Canada’s climate objectives while
providing sustainable long-term economic and social benefits for
Canadians from the oil sands.”
Cenovus Energy
“This collaborative effort amongst
oil sands peers shows our serious commitment to global climate
leadership,” said Alex Pourbaix, Cenovus President and CEO. “We are
doing more than just talking about the need to play a role – we are
taking bold action to address our emissions challenge
and earn our spot as the supplier of choice to meet the world’s
growing demand for energy.”
Imperial
“Canada has what it takes to be the
responsible energy provider to the world,” said Brad Corson,
Imperial Chairman, President and Chief Executive Officer. “Canada’s
long-term success in achieving its climate goals lies in a
collective commitment to innovation, global competitiveness,
supportive public policy and open and ongoing dialogue on
constructive solutions. Imperial is collaborating with others in
industry and governments to develop and commercialize the
breakthrough technologies that will reduce emissions and support
society’s net zero ambitions.”
MEG Energy
“We are pleased to be part of this
collaborative effort committed to the critical measures needed to
achieve net zero greenhouse gas emissions in the oil sands,” said
Derek Evans, President and Chief Executive Officer of MEG Energy.
“Bold action today demonstrates our commitment to tackling climate
change and global climate leadership. This alliance working
collectively with the federal and Alberta governments and all
stakeholders will ensure that Canada continues to be a leading
supplier to the world of responsibly produced oil.”
Suncor Energy
“Collaboration among companies,
innovators and governments is critical to achieving ambitious
goals. That’s how we built a budding oil sands resource into one of
the world’s most reliable and ESG-leading oil basins in the world,”
said Mark Little, Suncor President and Chief Executive Officer.
“Canada - as one of the few jurisdictions with industrial-scale
commercial CCUS projects in operation -- coupled with
Alberta’s abundant natural gas resources, geology and relevant
technological expertise - is well positioned to lead in this
area.”
About the Pathways initiative member
companies
Canadian Natural Resources Limited
Canadian Natural Resources Limited
(Canadian Natural) is a senior oil and natural gas production
company, with continuing operations in its core areas located in
Western Canada, the U.K. portion of the North Sea and Offshore
Africa. Canadian Natural shares trade under the symbol CNQ on the
Toronto and New York stock exchanges. Refer to the Company’s
website for complete forward-looking statements at www.cnrl.com
Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated
energy company with oil and natural gas production operations in
Canada and the Asia Pacific region, and upgrading, refining and
marketing operations in Canada and the United States. The company
is focused on managing its assets in a safe, innovative and
cost-efficient manner, integrating environmental, social and
governance considerations into its business plans. Cenovus common
shares and warrants are listed on the Toronto and New York stock
exchanges, and the company’s preferred shares are listed on the
Toronto Stock Exchange under the symbol CVE. For more information,
visit cenovus.com.
Imperial
After more than a century, Imperial
continues to be an industry leader in applying technology and
innovation to responsibly develop Canada’s energy resources. As
Canada’s largest petroleum refiner, a major producer of crude oil,
a key petrochemical producer and a leading fuels marketer from
coast to coast, our company remains committed to high standards
across all areas of our business.
MEG Energy
MEG is an energy company focused on
sustainable in situ thermal oil production in the southern
Athabasca oil region of Alberta, Canada. MEG is actively developing
innovative enhanced oil recovery projects that utilize
steam-assisted gravity drainage (“SAGD”) extraction methods to
improve the responsible economic recovery of oil as well as lower
carbon emissions. MEG transports and sells its thermal oil (AWB) to
customers throughout North America and internationally.
Suncor Energy
Suncor Energy is Canada’s leading
integrated energy company, with a global team of over 30,000
people. Suncor’s operations include oil sands development,
production and upgrading, offshore oil and gas, petroleum refining
in Canada and the US, and our national Petro-Canada retail
distribution network (now including our Electric Highway network of
fast-charging EV stations). A member of Dow Jones Sustainability
indexes, FTSE4Good and CDP, Suncor is responsibly developing
petroleum resources, while profitably growing a renewable energy
portfolio and advancing the transition to a low-emissions future.
Suncor is listed on the UN Global Compact 100 stock index. Suncor’s
common shares (symbol: SU) are listed on the Toronto and New York
stock exchanges.
Advisory
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 Oil Sands Pathways to Net Zero initiative
collaboration 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 continued role of fossil fuels
as part of a diversified energy mix; and the deployment of
technologies to reduce GHG emissions, such as CCUS, process
improvements, energy efficiency, fuel switching, electrification,
infrastructure corridors and new emissions-reducing technologies.
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.
Contacts
Canadian Natural |
|
Media |
Investors |
403-514-7777 |
403-514-7777 |
ir@cnrl.com |
ir@cnrl.com |
|
|
Cenovus Energy |
|
Media |
Investors |
403-766-7751 |
403-766-7711 |
media.relations@cenovus.com |
investor.relations@cenovus.com |
|
|
Imperial |
|
Media |
Investors |
587-476-7010 |
587-476-4743 |
IOLmedia@esso.ca |
|
|
|
MEG
Energy |
|
Media
Relations |
Investor
Relations |
403-775-1131 |
587-293-6045 |
media@megenergy.com |
invest@megenergy.com |
|
|
Suncor Energy |
|
Media |
Investors |
1-833-296-4570 |
800-558-9071 |
media@suncor.com |
invest@suncor.com |
Suncor Energy (TSX:SU)
Historical Stock Chart
From Nov 2024 to Dec 2024
Suncor Energy (TSX:SU)
Historical Stock Chart
From Dec 2023 to Dec 2024