|Premier Ed Stelmach says his government wants emissions cuts of more than the 12% proposed by industry. (BRENDON DLOUHY/SUN)
Alberta plans to pour some of the millions of dollars expected from Prime Minister Stephen Harper's Eco Fund into construction of a $1.5 billion carbon dioxide pipeline, says Premier Ed Stelmach.
Stelmach told the Sun in an exclusive interview yesterday that he wants to see the money used to build the infrastructure required to put greenhouse gases to good use in the Alberta oilpatch.
"That's the kind of infrastructure investment that has to occur," he said. "That's where industry and the province and the federal government have a role to play. It will be investing in a cleaner environment."
Sources say the Harper government is expected to make an announcement soon - perhaps this week - of how much money is coming to the province. If the grant is based on population, Alberta will likely get about $150 million.
Alberta is proposing to capture carbon dioxide emissions from heavy emitters and pump them into mature oilfields to dramatically enhance the recovery of conventional oil from depleting reservoirs.
The process is known as carbon sequestration.
"All industry is saying carbon dioxide sequestration is the answer, but it is expensive," Stelmach said.
The premier said additional funds for the pipeline's construction will come from a provincial technology fund that greenhouse gas emitters will pay into for every tonne of emissions they produce over the target level his government aims to set this spring.
The province is still negotiating with industry over its greenhouse gas emissions intensity targets, but a spokesman for the Canadian Association of Petroleum Producers has said industry is looking at a target that would cut emissions intensity by 12%.
Stelmach said his government is pushing for more.
CAPP says few companies could meet the 12% target, but the proposal is "affordable" as long as the penalty is in the range of $15 per tonne of emissions.
A 1000 mw coal-fired power plant produces about six million tons of carbon dioxide annually.
Stelmach said he wants targets in place by July 1.
"I know industry wants to do its part and will do its part," Stelmach said. "If they don't come to the table, we'll make sure it happens. We will get it done."
He said he's confident Alberta and Ottawa are on the same page on emissions intensity targets, but stressed there needs to be a single regulator of the protocols.
"Industry should not have the feds come in one door and the province come in another door. There should be one policing authority."
Liberal energy Critic Hugh MacDonald said he has no problems with carbon sequestration plan.
"It's a good idea and it's about time. It's a win-win."
To all astute Canadian investors, if you are looking for a pure play way to make big $$$ on this Carbon Sequestration Technology rollout that is about to sweep the globe, I highly recommend you look at PTR.V or Petromin Resources who are spearheading large scale Carbon Sequestration projects in China , Kuwait and Indonesia. They have the leaders in this technology, the Alberta Research Council as their partner which is a non-profit oraganization. They have a MOU for the exploration & recovery rights for the Helingjiong Province in China, thats the most prolific oil & gas region in all of China,think about this for a moment, what if a micro-cap acquired the exploration rights for all of Alberta, and the C.E.O has said this is just the tip of the iceburg!!!
I can't believe it is still trading at .28 with all this bluesky, cashflow from properties in Alberta alone, should have it trading at .50 to .80 and thats without the bluesky, also the stock was recently upgraded to Tier 1 staus, and there has been a lot of insider buying in the last 2 years.
Definetely undervalued , but for how long?
Someday soon, the marketplace will wake up to this jewel, maybe this type of news will provide a jolt of reality that clean energy stocks, will offer a premium and those that are not, will be punished by the marketplace in the near future.imo
Good example is that Penn-West has seen the writing on the wall and last week announced that they intend to build a Carbon Capture Upgrader in the future to supply them with CO2 for their planned enhanced recovery program.
Especially important for all to get their heads around is this process can yield up to 65% recovery of hydrocarbons, this is unheard of results as best tech. today only provides up to 35%. Do the math!! or google the "Weyburn Project" which is a JV between Canada and the U.S. and Encana.
See their website"they do not pump" www.petromin.ca or for those that can read chinese www.petromin.cn