By The Financial District
Oil Firm Urges Canada To Spend More For Carbon Capture
International Petroleum Corp. (IPC), the first foreign oil company to sanction a project in Canada's oil sands in more than a decade, could add carbon capture and storage (CCS) to the plant if more government financial incentives become available, its CEO told Nia Williams of Reuters.
Photo Insert: Geneva-based IPC is part of Sweden's Lundin Group.
Geneva-based IPC, part of Sweden's Lundin Group, sanctioned phase one of the 30,000 barrel-per-day (bpd) Blackrod thermal project in northern Alberta last month.
The company joins Canada's biggest oil producers in urging policymakers to boost public funding for the costly technology that is seen as key to cutting emissions from the carbon-intensive oil sands.
Industry says CCS projects need more government support to be financially viable, while Ottawa and the oil-rich province of Alberta are at odds over who should provide increased funding.
"There's still an opportunity - if we can have some sensible government decisions about getting serious about meeting climate targets - that if the right incentives come along, we're in a very good position to look at carbon capture down the line," CEO Mike Nicholson said in an interview in late February.
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