CALGARY, Alberta – Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that it has filed its submission with the parliamentary committee in Quebec on Bill 21, An Act mainly to end petroleum exploration and production and the public financing of those activities. The submission includes independent assessments on the economic and environmental impacts of development and the detailed polling data on social acceptability showing strong support for local natural gas production under different scenarios.
Commenting on the first few days of the consultations, Michael Binnion, President and Chief Executive Officer of Questerre, noted, “We heard from mostly hand selected witnesses who are proponents of outdated ideas of using bans and blocks to reduce emissions. Several of them repeated old talking points without any acknowledgment the rest of the world is moving on from this old fashioned and ineffective approach. Questerre has been working with a new generation of solutions orientated environmentalists. The environmental studies clearly support the modern approach of energy transformation with emerging carbon technologies. According to the Leger polling data, only 13% of Quebecers oppose this new approach, but sadly the Government has intentionally selected witnesses from this ‘fossilized’ minority who appear more worried about their chosen projects, than reducing global emissions.”
The submission by Questerre comprehensively addresses the Company’s history in Quebec, environmental impacts of the bill including that outlawing location gas production will have no impact on Quebec’s GHG emissions and it will increase global emissions as well as locking Quebec into higher existing GHG emissions, the increased risk to human health and safety from energy shortages and outages and Quebec lagging behind other developed nations in advancing new carbon technology. The submission also discusses the economic and fiscal implications of the ban including the growing reliance on imports and the increase in its trade deficit due to these imports, surrendering the economic benefits from development and the impacts to Quebec’s reputation as an jurisdiction for foreign investment.
He added, “It’s disappointing to see Quebec is blocking a step forward for the global environment and society. It is telling that many witnesses have explicitly said even pilot projects for natural gas production must be blocked even if they reduce global emissions. Nothing more clearly says ‘living in the past’ than calling for a ban on even trying to reduce emissions from natural gas with new technology or approaches. The rest of world is moving forward and attempts by reactionaries to block progress will just move the emerging carbon technologies of the energy transformation to forward-looking countries. That the rights of local small retail shareholders, local Quebec royalty holders and First Nations are being run over in the process is a particularly unjust result for thousands of people who support progress on transforming our global energy systems.”
The Company also released the detailed polling information from Quebec on developing natural gas with new technologies.
As reported previously, over 66% of decided Quebecers support local natural gas development and 20% have no opinion. For production from a pilot project with no GHG emissions, this support increases to just over 77% of decided Quebecers with 12% having no opinion. Nearly 85% of decided Quebecers agree that the Government should give First Nations the opportunity to participate in pilot projects that demonstrate zero-emissions natural gas production with 15% holding no opinion.
The polling data showed support for traditional fracturing methods was 37% with 45% against and 18% holding no opinion. If a new technology was used that eliminated the risks associated with fracking, support almost doubled to 71% in favor with 17% against and 12% holding no opinion.
Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment.
Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.