Canada Growth Fund Invests in Strathcona's Oil Sands Carbon Capture Initiatives

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Canada Growth Fund Invests in Strathcona's Oil Sands Carbon Capture Initiatives
Carbon Capture And SequestrationCCSClimate Change
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Strathcona Resources Ltd. partnered with Canada Growth Fund to develop up to $1.5 billion carbon capture projects at its oil sands assets, aiming to reduce carbon tax obligations and achieve sustainable operations.

Strathcona Resources Ltd plans to develop up to US$1.5 billion C$2 billion carbon capture projects at its oil sands assets with the public investment vehicle Canada Growth Fund CGF, the Canadian oil sands producer said in a statement. Strathcona announced a strategic partnership with CGF, which will help fund the development of carbon capture and sequestration CCS infrastructure on Strathcona’s steam-assisted gravity drainage SAGD oil sands facilities across Saskatchewan and Alberta.

The Canadian public fund is set to invest up to US$733 million C$1 billion in CCS infrastructure on Strathcona’s assets, with an initial commitment of US$367 million C$500 million. Strathcona will construct, operate, and own the CCS infrastructure, with 50% of the initial capital costs funded by CGF and 50% by Strathcona. “Substantially all of Strathcona’s share of capital costs is expected to be recouped through the federal CCS investment tax credit and other grants,” the company said.

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Carbon Capture And Sequestration CCS Climate Change Emissions Reduction Energy Efficiency Lloydminster Oil Sands Strathcona Resources Ltd

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