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