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Cenovus Energy Inc T.CVE

Alternate Symbol(s):  CVE.WS | T.CVE.WT | CVE | T.CVE.PR.A | T.CVE.PR.B | T.CVE.PR.C | T.CVE.PR.E | T.CVE.PR.G | CNVEF

Cenovus Energy Inc. is a Canada-based integrated energy company. The Company has 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's segments include Upstream, Downstream, and Corporate and Eliminations. Its Upstream segment includes Oil Sands, Conventional, and Offshore. Its Downstream segment consists of Canadian Manufacturing, and United States Manufacturing. The Company's upstream operations include oil sands projects in northern Alberta, thermal and conventional crude oil, natural gas and natural gas liquids (NGLs) projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and NGLs production offshore China and Indonesia. The Company's downstream operations include upgrading and refining operations in Canada and the United States, and commercial fuel operations across Canada.


TSX:CVE - Post by User

Post by Franman184on May 23, 2024 6:34am
199 Views
Post# 36053409

Tax credit in the USA for Carbon Sequestration

Tax credit in the USA for Carbon Sequestration

American oilfield services provider and pipeline operator Kinder Morgan has acquired nearly 12,000 acres of Texas oil and gas producing assets in its quest to take advantage of carbon capture incentives designed to boost output from producing fields, Reuters reported on Wednesday, citing unnamed sources familiar with the deal.

According to Reuters, the Kinder acquisition indicates the attractive nature of incentives laid out in the U.S. Inflation Reduction Act, which offers a tax credit for carbon sequestration of $60 per metric ton. That incentive has rendered aging oil and gas fields far more attractive to companies that have the technology to improve production.

Sources cited by Reuters said that Kinder Morgan already produces around 50,000 barrels of oil per day through the process of injecting carbon dioxide into wells to aid the path of oil to the surface. According to Reuters, that deal, which includes around 265 wells in a large, mature oilfield, is with Avad Energy Partners.

Time for the Canadian Federal Govt to set a price for Carbon Sequestration

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