On Tuesday, Canadian Natural Resources Minister Seamus O’Regan said that the country has to sharply cut greenhouse gas emissions from oil and gas production to attract investments required to expand output.
“If you do what is required to lower emissions, you will be rewarded with increased investment,” he stated.
In recent years, the fourth-biggest global oil producer has been weakened as energy majors scaling back and investors pulling out, driven by poor economics and a tarnished environmental image.
According to Rystad Energy, in 2018, Canada produced the greatest upstream carbon dioxide intensity per boepd among the world’s top 10 producing countries.
O’Regan opined that change must include working toward the globe’s lowest-emitting oil barrel. He did not specify a target for emissions.
Producers in Canada have gradually decreased the intensity of emissions, but the overall numbers are increasing as the impact of coronavirus pandemic has damaged some companies’ efforts.
Some analysts predicted the country’s oil sand production would hit 3.8 million bpd in 2030, or a 1.1 million bpd from the current level.
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Published on August 12, 2020 3:40 PM (GMT+8)Last Updated on August 12, 2020 3:40 PM (GMT+8)
