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Meg Energy Christina Lake CALGARY – The CEO of one of the oilsands companies behind the Pathways Alliance says the group expects to provide a significant update on its proposed $16.5-billion carbon capture and storage project within the next couple of months. Derek Evans, chief executive of MEG Energy , made the comments on a conference call with analysts discussing the company’s third-quarter financial results. MEG is one of six oilsands companies that have formed the Pathways consortium with the goal of reducing greenhouse gas emissions from oilsands production to net-zero by 2050. The companies have proposed jointly investing in the construction of what would be one of the largest carbon capture projects in the world. The project would take the form of a massive pipeline built to transport carbon from 20 separate carbon capture facilities at oilsands sites in northern Alberta to an underground hub near Cold Lake for safe storage. The proposed project would sequester up to 10 to 12 million tonnes of harmful carbon emissions annually from the oilsands, an industry which currently accounts for about 12 per cent of Canada’s overall emissions. While the Pathways Alliance has not yet made a final investment decision to […]
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