West Lake Energy Corp, a privately held Calgary-based intermediate oil and natural gas company focused on development and exploration in western Canada is delighted to announce that it has successfully executed a first-of-its-kind carbon neutral heavy crude oil transaction in the Lloydminster region in Alberta. The Company views this as an important first step towards developing a market for climate-differentiated undiluted heavy crude oil not just in Canada but globally.
As an integral part of this transaction, West Lake will collaborate with the Prax Group, a British multinational independent oil refining, trading, storage, distribution and retail conglomerate dealing in crude oil, petroleum products and bio-fuels, headquartered in London, United Kingdom. The Prax Group, which has trading offices in London, Singapore, and Houston, will work with West Lake to measure, reduce and mitigate greenhouse gas (“GHG”) emissions across West Lake’s value-chain to deliver these hydrocarbons with an operational “net zero” carbon impact.
Bruce McDonald, President and CEO of West Lake Energy Corp, said:
“Today’s announcement is a groundbreaking initiative for West Lake and a major step towards a tangible demonstration of our commitments to co-optimize stewardship of the environment and investor capital in our business operations. While we are firmly convinced that eliminating our operational carbon footprint is imperative from an environmental perspective –we also feel that our shareholders will benefit from the potential for premium commodity pricing, access to a lower cost of capital, as well as enhanced relations with our regulatory partners and other key stakeholders.
We are delighted to partner with Ms. Carrie A. Chase and her team at the Prax Group who have assisted us with this effort at achieving carbon-neutrality in our operations. Their capabilities in structuring end-to-end solutions and executing bespoke actionable decarbonization structures makes them an excellent fit for West Lake. We look forward to working with the Prax Group to deliver on our endeavor to offsetting our carbon footprint with a cohesive emissions reduction plan”
Sanjeev Kumar, CEO of Prax Group, seconded Mr. McDonald’s comments:
“This transaction will create unique opportunities for synergies with existing Prax-owned assets. It demonstrates our ongoing commitment to meeting the needs of our customers to reduce greenhouse gas emissions in existing supply chains and will encourage investment in advancing de-carbonization initiatives worldwide.”
About West Lake Energy Corp:
West Lake Energy Corp. is a privately held Calgary-based intermediate oil and natural gas company focused on development and exploration in western Canada. West Lake’s operations are focused in the Provost medium oil region and the Lloydminster heavy oil region, which contain over 90% of the Corporation’s production. The remainder of the Company’s production is gas-weighted and located in West Central Alberta and the Peace River Arch.
About the Prax Group:
Headquartered in the UK, the Prax Group is a British multinational independent oil refining, trading, storage, distribution, and retail conglomerate dealing in petroleum products and biofuels. The Group has established principal offices in London, Houston and Singapore, and additional satellite offices across the world.