Strathcona plans US$1.5bil oil-sands carbon-capture projects

Good intention: A file picture showing the Imperial Strathcona Refinery which produces petrochemicals near Edmonton, Alberta, Canada. The driller says it aims to capture as much as two million tonnes of CO2 a year. — Reuters

CALGARY: Canadian driller Strathcona Resources Ltd is planning as much as C$2bil (US$1.5bil) in projects to capture carbon dioxide (CO2) emissions from its oil-sands operations, helped by backing from a Canadian public investment vehicle.

While Strathcona will own and operate the assets, it will evenly split the upfront capital costs with the federal Canada Growth Fund and repay the government vehicle with cash flows from the carbon credits generated by the system, according to a statement.