Strathcona Resources plans C$2B in carbon capture projects in Canada’s oil sands

Canadian oil producer Strathcona Assets (OTCPK:STHRF) stated late Wednesday it’s partnering with Canada Development Fund to construct as a lot as C$2B in carbon seize and sequestration infrastructure in Saskatchewan and Alberta provinces.

Strathcona (OTCPK:STHRF) and CGF will every spend as much as C$1B (~US$734M) to fund the venture, together with an preliminary dedication of C$500M from CGF with the choice to upsize its dedication to C$1B, whereas Strathcona will assemble, function and personal the CCS infrastructure, with preliminary capital prices funded 50-50 by CGF and the corporate.

Strathcona (OTCPK:STHRF) stated it expects to recoup its share of capital prices by federal CCS funding tax credit and different grants.

The corporate stated the venture will seize as a lot as 2M metric tons/yr of carbon emissions; it presently produces 90K bbl/day of heavy oil and bitumen from its steam-assisted gravity drainage oil sands services, with 3M tons/yr of related CO2 emissions.