ATH finds another way to make money
Post says Athabasca Oil to premiere CCS technology
2022-12-09 09:26 ET - In the News
The Financial Post reports in its Friday edition that intermediate producer Athabasca Oil could be poised to lap its much larger oil sands peers in deploying the first carbon capture and storage technology to cut emissions. The Post's Meghan Potkins writes that the Calgary firm said Wednesday that it will partner with clean tech firm Entropy to build a carbon capture and storage (CCS) project at its Leismer oil sands site capable of capturing 500,000 to 600,000 tonnes of CO2 per year when fully built out. A final investment decision is expected next year on the first phase of the project which would capture 160,000 tonnes of CO2 per year in what would be the first commercial deployment of CCS in the oil sands. The project will be financed by Entropy in a long-term offtake agreement that will see it collecting the carbon offsets generated by each tonne of Athabasca's emissions and then selling those credits back to carbon markets. The project could be on stream within two years, Entropy chief executive officer Michael Belenkie told the Post. "These are investments, commercial Investments, in commercial carbon capture and storage, that are the prototype for what the entire market should become," Mr. Belenkie said.