Welcome to Net Zero, your daily industry update on clean energy and Canadian resource policy.
The provincial government of Newfoundland and Labrador has rejected a request by companies involved in the Terra Nova offshore oil field to purchase an equity stake in the troubled project.
“The risk turned out to be too great for a project so late in life,” Energy Minister Andrew Parsons said, noting that an equity stake would incur additional costs upon abandonment. âI call on project leaders to continue working to find an equity solution.
The Terra Nova oil field is located 350 kilometers off the southeast coast of St. John’s, and it began producing oil in January 2002. To access the remaining oil reserves, the field’s infrastructure needs significant investment in maintenance and modernization.
The seven oil companies that operate the field, including Suncor, Exxon Mobil and Equinor, are not united to foot the bill, according to Mark Little, chairman of Suncor, which owns the largest share of the project. Little added that a decision on the abandonment of the land is expected by next week.
In order to save the project, the provincial government offered energy companies a cash mix from an oil industry stimulus fund created with federal money and a pause on royalty payments to governments which have totaled nearly half a billion dollars, according to Parsons, who says the deal has yet to be agreed but remains on the table.
âWe’re at a stalemate,â Parsons said. âDespite significant efforts on the part of all parties and a significant financial offer from the provincial government, the future of the Terra Nova project remains uncertain. the Herald Chronicle has more details.
Poland faces legal action from five of its citizens for its failure to adequately deal with the potential damage of climate change. The plaintiffs argue that the Eastern European nation violated their rights to life, health and family life by delaying measures to reduce national carbon emissions and by continuing to support the industry coal mine.
The applicants call for a firm commitment from the government to reduce greenhouse gas emissions by at least 60 percent by 2030 from 1990 levels, and to be climate neutral by 2043. Poland has hesitated phase out coal, as the industry employs around 80,000 people and is politically influential. The Guardian has this story.
Private equity firms are launching an auction for French solar company Reden in a deal that could value the clean energy company up to â¬ 2 billion. Recently, investors have sought out companies that can help global economies move away from fossil fuels and avert potentially catastrophic climate change, according to Reuters.
Founded in 2008, Reden develops, builds and operates photovoltaic solar power plants in Europe, South America and Latin America. The company generated more than 105 million euros in profit last year and the value of the company’s equity is 250 million euros, according to the auction’s factsheet.
Meanwhile, Prince Charles is highlighting the importance of corporate and private sector finance in addressing the climate crisis. Charles hosted a meeting of the bosses of some of the world’s largest companies on Thursday, a day before business leaders held their first meetings with G7 leaders.
“We have, I think, a potentially revolutionary opportunity to advance the partnerships between government, business and private sector finance which are absolutely vital if we are to win the battle to tackle climate change and biodiversity loss.” , did he declare.
Friday morning at 9:06 am, West Texas Intermediate was trading at US $ 70.43 and Brent Crude at US $ 72.58.
Alberta’s finance minister is defending the province’s decision to invest in the Keystone XL pipeline, whose contract was formally terminated by TC Energy earlier this week. The province now has to pay $ 1.3 billion in taxpayer dollars.
“We made a commitment to deliver the pipelines and we made a calculated decision about investing in the Keystone XL pipeline, a pipeline that would have generated $ 30 billion in wealth creation for Albertans over the next 20 years,” Travis Toews told the provincial legislature on Thursday.
NDP opposition spokesman Joe Cela renewed his call on the government to release details of its contract with TC Energy to confirm the calculated impact of $ 1.3 billion on Alberta financial results. the Canadian press see you.
Stay in Alberta, the province Auditor General criticizes provincial government for failing to fix problems in program supposed to ensure coal and oil sands companies clean up after themselves. Doug Wylie said that all too often cleanup was blurred between Alberta Environment and Parks and the Alberta Energy Regulator.
âThere is an impact beyond accounting and process issues,â Wylie said Thursday. âIt has an impact on the sites and on the people of the province. “
Finally, the Liberal government’s climate liability law was the subject of clause-by-clause consideration in the House of Commons environment committee earlier this week, and may soon be sent to the Senate after the government suggested that she might interrupt the remaining debate. . Bill C-12, the Net Emissions Accountability Act, would set legally binding emissions targets as Canada seeks to achieve net carbon emissions by 2050.
“We are not going to move our amendments any more because I think this process has broken down,” Conservative environmental spokesman Dan Albas said at a recent meeting of the environment committee of the Bedroom. iPolitics has the whole story.
The Canadian Crude Index was trading at US $ 55.60 and the Western Canadian Select at US $ 56.39 this morning at 9:06 am