RE:RE:Pierre Poilievre, Grant Fagerheim and Elon MuskThis Weyburn project was purchased from CVE back in 2017. WCP operates it at with ~60% ownership. The technology isn't new, the project is already running for 20 years.
The greenies have problem with this carbon capture project is because the source of the CO2 is from a coal power plant and the CO2 is being used to flush out more oil. This maybe why the feds may not include EOR projects to their CCU investment plan.
From the investor's call Mr. Fagerheim mentioned a few other ways to attack this problem.
1) involve provincial governments
2) remove the cost of CO2 from operations. Maybe able to get paid to store CO2 in the future.
3) The tax carbon trade program. This one is still in the works, he said more to come from the feds this summer. It is possible that because the storage is for EOR, we might not get to participate or get full credit for storing the CO2. Also, there is a question with who gets the carbon tax credit. The CO2 producer who captures the CO2? or the CO2 storage operator?
4) Hydrogen projects. It sounds like Mr. Fagerheim is cooking up some blue hydrogren project that would need CO2 capture and storage.
Either way, I have to say, even though WCP share price has already recovered, I will keep buying when I can. You want the CEO of companies in your portfolio to have vision, tenacity and execution capability as Mr. Fagerheim has shown these past years.