A consortium of oilsands companies, called the Pathways Alliance, has expressed interest in building a massive carbon capture and storage network in northern Alberta to reduce emissions from oilsands production sites, but has not made a final investment decision.
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“When it comes to carbon capture, utilization and storage, we think that it’s a very practical, feasible technology that can be utilized by industry in order to achieve their operational goals, as well as achieving their net-zero carbon neutrality goals,” Honarvar said.
A recent report by Deloitte took the opposite tack, concluding oilsands companies forced to cut emissions in the face of a federally mandated cap would choose to reduce production rather than invest in too-expensive carbon capture and storage technology.
The AER also predicts global oil prices will continue to rise, from a projected average of US$76 per barrel for U.S. benchmark West Texas Intermediate for the current year to US$83.63 by 2033.
Various forecasters have different views about the long-term outlook for oil and oil prices.
