Unprecedented oil sands alliance offers sustainable solution for North American energy security
Canada's major oil sands producers are working together on a first-of-its-kind net zero initiative that could help ensure long-term, secure supplies of affordable and responsible energy for North America.
Together, Canadian Natural, Cenovus Energy, ConocoPhillips Canada, Imperial, MEG Energy and Suncor Energy have formed the Oil Sands Pathways to Net Zero Alliance. The goal of the Alliance is to achieve a phased reduction in emissions from oil sands operations, reaching net zero by 2050, working in collaboration with Canadian federal and provincial governments.
As the single largest oil resource on the continent, and the third largest in the world, the Canadian oil sands offer unparalleled potential to help ensure long-term, secure supplies of affordable energy for Canada and the United States, and for North America to become the preferred supplier of sustainable oil to the world.
"The Pathways Alliance has a well-defined plan to reduce current oil sands emissions of 68 megatonnes per year in phases over the next three decades to ensure both near- and long-term progress," said Alex Pourbaix, President & Chief Executive Officer, Cenovus Energy. "By tackling our emissions challenge head on, we're working to ensure the oil sands can offer Canada, and the United States, a sustainable product and a higher degree of long-term energy stability and certainty."
The alliance is pursuing multiple technology pathways to achieve its goal of net zero emissions from oil sands production. The initial focus of the group is a foundational carbon capture and storage (CCS) network to gather CO2 from more than 20 oil sands facilities in northern Alberta and transport it for safe storage in underground geological formations. While similar large-scale CCS projects are already being developed in other oil producing jurisdictions, including the United States, the United Kingdom, Norway and…
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