“We started just with our liquids pipeline, and it gives us really a lot of confidence that we’ll be able to pivot quickly to our natural-gas-pipeline business, both in the U.S.
Across the globe, energy firms are starting to implement plans that reduce the planet-warming emissions pumped out during the process of producing and transporting oil and gas.
Canada has pledged to cut emissions 40-45 per cent from 2005 levels by 2030 and will hike the price of carbon from $40 a ton currently to $170 a ton by 2030.
The European Commission published a guide to determine whether infrastructure projects are able to cope with climate-change impacts like floods and heatwaves, a condition that must be met to receive funding from the EU’s Just Transition Fund.
The American energy giant Chevron announced the creation of a new unit to manage the company’s low-carbon investments, with a particular focus on hydrogen and other technologies including carbon capture.
“I don’t think we’ll come up with a new strategy,” Van Beurden said.
Ray Harmer, the island’s policy and reform minister, laid out themes that will be of particular focus moving forward, including energy, housing, “blue carbon”, transport and fossil fuels.
TC Energy, the company building the Coastal GasLink pipeline that will feed the facility warned that it may suspend “certain key construction activities” on the pipeline as it quarrels with the project’s backers over “recognition of certain costs and the impacts on schedule.” The project is owned by a consortium of companies that includes Shell, Malaysia’s Petroliam Nasional Bhd, Mitsubishi Corp., PetroChina Co.
Under the companies’ agreed-upon memorandum of understanding, Tugliq Energy and Hiqiniq Energy plan to build and operate a wind turbine project at the mine site, selling power to Agnico Eagle for its Hope Bay operations.
The Calgary-based Cenovus Energy reported a $224 million net profit in its latest quarter on a large recovery in sales due to improved market conditions since the onset of the pandemic and its takeover of rival Husky Energy.
Finally, Suncor Energy said on Thursday that it will produce less bitumen than expected this year from its Fort Hills oilsands mine.
“This is just a time issue, we don’t think it has any fundamental impact beyond just delaying the ramp-up of Fort Hills,” Suncor CEO Mark Little said on a conference call with analysts.
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