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Image: CNOOC Limited The Chinese drilling giant recently blacklisted by the U.S. has led efforts to clean up the Canadian oilsands’ image as a global warming culprit. CNOOC Ltd. slashed the rate of carbon dioxide released from its Long Lake oilsands site by a third in the eight years ended 2019, according to a study released last month by the Alberta Energy Regulator. That’s almost three times better than runner-up Cenovus Energy Inc.’s Tucker operations. The Chinese oil explorer has been roiled in recent months after its parent was barred from access to U.S. technology in January over tensions in the South China Sea, leading to CNOOC Ltd.’s removal from some stock indexes. Its improving environmental performance in Canada, on the other hand, jibes with efforts to help China reduce coal use and move to carbon neutrality by increasing natural gas production at home. But for the Canadian oilsands, the progress made by CNOOC Ltd. and other producers may be too little too late as banks and investors increasingly shun the most carbon-intensive fossil fuel producers. The oilsands industry as a whole reduced the amount of carbon dioxide produced per cubic meter of oil to 0.417 metric tons in […]
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