FormerXBC Inc XEBEQ

Carbon Capture & Hydrogen may save Xebec in coming years

[ZouZS3]

Oil industry will pivot to carbon capture and storage while it keeps on drilling! Xebec has the technology for it and was chosen for its tech to be used for what could become the worlds largest carbon capture and storage (CCS) project, the Midwest Carbon Express - SCS $4.5bn. Additional drilling does not necessarily mean unbridled drilling. The Canadian governments recent approval of a $12 billion offshore oil project off the coast of Newfoundland sets out 137 legally binding conditions, including the requirement the project reaches net-zero emissions by 2050. Canada also released an energy plan in March 2022 that suggests rolling out a tax credit for carbon capture and storage, a process that can reduce 50 percent to 70 percent of carbon emissions from industrial processes. We would expect broad deployment of this tool to moderate carbon emissions. Hydrogen industry, which until recently was struggling much like the wind farm industry had a decade ago before costs dropped and installations proliferated, is likely to enjoy stronger growth going forward, just as its wind energy predecessor did when the cost equation tilted in its favor.