Post by
rdwww on Oct 17, 2022 10:32am
record profits this year in the oil sands
The Financial Post reports in its Saturday, Oct. 15, edition that Canada's biggest oil sands companies say they will spend $16.5-billion before 2030 on a massive proposed carbon capture and storage facility that is the centrepiece of their net-zero-by-2050 pledge. A Canadian Press dispatch to the Post reports that the Pathways Alliance, a consortium consisting of Canadian Natural Resources, Cenovus Energy, Imperial Oil, MEG Energy, ConocoPhillips Canada and Suncor Energy, said Friday it will also spend an additional $7.6-billion on other emissions reductions projects, for a total of about $24.1 billion. The announcement comes as Canada's oil and gas industry has been under fire from environmental groups who say not enough of the record profits being reaped this year due to sky-high oil prices are being funnelled into decarbonization. Last month, a report from environmental think-tank the Pembina Institute said Canada's oil and gas sector is estimated to earn a profit of $152-billion in 2022 due to the war in Ukraine and the resulting commodity price boom. The report criticized the industry for not moving faster to meet its climate commitments in light of its windfall profits.