Cleaner Tech
Strathcona Plans $1.5 Billion Oil-Sands Carbon-Capture Projects
- System gets financial support from Canada Growth Fund
- Driller aims to capture 2 million tons of CO2 a year
Canadian driller Strathcona Resources Ltd. is planning as much as C$2 billion ($1.5 billion) in projects to capture carbon dioxide 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 Wednesday. The driller says the project will capture as much as 2 million metric tons of CO2 a year.