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
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
While the
"I think we owe the market an update in that regard," Evans said Tuesday.
"And I think something will be coming in that regard, I hope, over the next month or two."
Pathways is still waiting for the federal government to finish hammering out the details of its pledged investment tax credit for carbon capture and storage.
It has also been waiting for Ottawa to release a promised framework providing certainty about the future price of carbon, a move which would remove some of the investment risk from the project.
In addition, Pathways recently started formal consultations with 24 Indigenous and Métis groups whose traditional territories are located in close proximity to the proposed project.
"I worry sometimes that because we haven't hit milestones, or we're not moving as fast as people think we should be moving, that they think there's nothing going on with this project," Evans said.
"I can assure you there is a massive amount of work that is going on in terms of Indigenous consultation, pipeline sizing, looking for appropriate mills ... So lots and lots of work going on, as well as the important work with both the federal and the provincial government trying to arrive at the appropriate fiscal terms that will make this project economic."
If the larger pipeline project is a go, Evans said, MEG itself would likely spend
That facility would capture somewhere between 0.63 and 0.73 million tonnes per year of carbon emissions, he added.
MEG reported third-quarter earnings on Monday after the close of markets. The company said it earned
The
Revenues were
Evans said increased bitumen production and strong bitumen realizations resulted in over
The company said it paid down
Bitumen production rose to 103,726 barrels per day, up from 101,983 a year earlier.
This report by The Canadian Press was first published
Companies in this story: (TSX:MEG)
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