Minister of Natural Resources, Amarjeet Sohi, announced a big boost for Alberta’s oil and gas sector.
Sohi announced Alberta-based companies, Canadian Natural Resources Limited (CNRL) and Titanium Corporation Inc., would receive $72.3 million to fund three clean technology projects in the province’s oil and gas sector.
Sohi says they aid in the country’s move toward a low-carbon economy and reduced emissions.
“These projects provide Alberta’s oil and gas sector with solutions that will help reduce pollution, drive clean innovation and create good jobs. Accelerating clean technology development is a key component of our government’s approach to promoting sustainable economic growth.”
CNRL will benefit thanks to $5 million from the Clean Growth Program (CGP).
Their Horizon Oil Sands mine site specializes in producing bitumen and water using a oilsands separation process.
Steve MacDonald is the CEO of Emissions Reduction Alberta (ERA). His company will invest an additional $5.6 million through its Oil Sands Innovation Challenge.
“Emissions Reduction Alberta’s strategic approach to investing responds to the needs of Alberta’s industry and innovation system. Our support attracts federal partnerships and other funding, providing leverage to accelerate technology solutions. Aligning on clean technology innovation helps advance projects that drive improvements in Alberta’s cost and carbon competitiveness.”
CNRL is co-owner of the Athabasca Oil Sands Project with Chevron Canada and Shell Canada.
The Low Carbon Economy Fund (LCEF) will pump $22.3 million into a new steam turbine generator designed to power Athabasca’s facilities.
Tim McKay, CNRL president, says his company’s commitment to lower emissions began years earlier.
“Canadian Natural’s Horizon Oil Sands operations has reduced our GHG intensity by 31 percent from 2012 to 2017. At today’s production levels, that’s equivalent to taking 665,000 cars off the road.”
Titanium Corporation receives $45 million from the CGP and LCEF, and a further $10 million from ERA, for their work at Horizon Oil Sands.
They specialize in the recovery of minerals such as zircon and titanium from oil sands tailings.
“This significant funding commitment from the Government of Canada is a critical step in advancing the first implementation of our Creating Value from Waste™ clean technology.” Said Scott Nelson, the President and CEO of Titanium Corporation.
What it means for you
Amarjeet Sohi totals the funding amounts to more than $415 million in investments.
Consequently, Sohi says Canada continues to support sustainability while creating jobs and encouraging investment and competition in the industry while meeting climate change goals.