Canadian oil producer Strathcona Sources (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 via federal CCS funding tax credit and different grants.
The corporate stated the venture will seize as a lot as 2M metric tons/12 months of carbon emissions; it at the moment produces 90K bbl/day of heavy oil and bitumen from its steam-assisted gravity drainage oil sands services, with 3M tons/12 months of related CO2 emissions.