The Alberta government has announced it will partially fund 5 oilsands projects supported by the Innovative Energy Technologies Program. The companies receiving funds are: Canadian Natural Resources Limited, Cenovus Energy Inc., Imperial Oil Ltd., and Perpetual Energy.
As part of an attempt to reduce fresh water use and enhance oil recovery in oil sands, the Alberta government will contribute a $33 million with the mentioned companies providing an aggregate $177 million.
Read the release below from Alberta Energy and continue below to see the specifics of the projects:
Reducing fresh water use and enhancing oil recovery in oil sands development are among five new pilot projects supported by the Innovative Energy Technologies Program (IETP).
Alberta’s oil sands hold 1.8 trillion barrels of bitumen. Only about nine per cent or 169 billion barrels are recoverable using existing technologies. “These innovative technologies hold significant potential for reducing the environmental impact of energy production and make tapping into additional reserves more viable,” said Energy Minister Ken Hughes.
Several projects have the potential to dramatically reduce the amount of fresh water used during production. Another project will use a new method of steam production for more efficient extraction, reducing greenhouse gas emissions. The remaining project will focus on improving the recovery of crude oil and bitumen in reserves that were once unrecoverable.
“This program illustrates a strong commitment from the Government of Alberta to collaboration with industry to develop new and greener technologies,” said Eddie Lui, Imperial Oil Resources vice-president of oil sands development and research. “Imperial’s cyclic solvent process technology has the potential to eliminate water use and significantly reduce greenhouse gas intensity to responsibly develop Alberta’s vast oil sands resource.”
“By investing in these made-in-Alberta solutions, we are ensuring that Albertans and Canadians will continue to benefit economically from our oil sands for generations,” said Hughes.
The successful projects were submitted by Canadian Natural Resources Limited, Cenovus Energy Inc., Imperial Oil Ltd., and Perpetual Energy.
Since 2004, the Innovative Energy Technologies Program has supported 46 projects. This round of the program is providing $33 million in royalty allowances for the approved projects, with industry contributing an estimated $173 million.
Our government was elected to keep building Alberta, to live within its means and to fight to open new markets for Alberta’s resources. We will continue to deliver the responsible change Albertans voted for.