The project is the centrepiece of the oilsands majors’ joint commitment to reach net-zero greenhouse gas emissions from production by 2050.
Imperial Oil Ltd. could begin injecting and storing harmful CO2 emissions from its Cold Lake operations by the middle of this decade — well before the completion of a massive carbon capture and storage transportation line that has been proposed for the Canadian oilsands, the company said Friday.
The Alberta government has already approved for further evaluation the Pathways group’s application for geological storage space allocation in that area, though final approval has yet to be granted. “We think it could be one of the very first projects for the whole Pathways Alliance, again, because of that advantaged proximity to the hub.”
Alberta’s oil and gas sector is the country’s largest polluter, and while oilsands companies have managed to reduce their emissions per barrel, total emissions from the oilsands have more than doubled since 2005 due to increased production. Imperial hiked its quarterly dividend Friday, saying it will now pay a quarterly dividend of 50 cents per share, up from 44 cents per share.The increased payment to shareholders comes as the company says its profit amounted to $2.13 per diluted share for the quarter ended March 31, up from $1.75 per diluted share a year earlier.
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