International Petroleum Corp , the first foreign oil company to sanction a project in Canada's oil sands in more than a decade, could add carbon capture and storage (CCS) to the plant if more government financial incentives become available, its CEO told Reuters.
, the first foreign oil company to sanction a project in Canada's oil sands in more than a decade, could add carbon capture and storage to the plant if more government financial incentives become available, its CEO told Reuters.
Industry says CCS projects need more government support to be financially viable, while Ottawa and the oil-rich province of Alberta are at odds over who should provide increased funding. IPC, a 50,000-bpd producer with assets in Canada, France and Malaysia, will spend $850 million developing phase one of Blackrod. First oil is expected in 2026, and IPC has regulatory approval to produce up to 80,000 bpd.gave the go-ahead to its Aspen plant in 2018, only to shelve it indefinitely just months later.
The petroleum industry's recent focus on paying down debt and buying back shares has also left global oil supplies extremely tight, he added. But Blackrod, though relatively small, also highlights how growing production risks derailing Canadian Prime Minister Trudeau's emissions-cutting goals and cementing Canada's place as a climate laggard.
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