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Cenovus Energy Inc
Symbol CVE
Shares Issued 1,917,460,170
Close 2023-01-24 C$ 25.51
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FP/wire say Cenovus CEO Pourbaix calls CCS talks tense

2023-01-25 08:15 ET - In the News

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The Financial Post reports in its Wednesday edition that the Pathways Alliance is a collaboration between Canada's six largest oil sands producers targeting net-zero emissions by 2050. A Reuters dispatch to the Post reports that Cenovus Energy is a member of the alliance. Its chief executive officer Alex Pourbaix says friction between the federal and Alberta governments has made it difficult to hold meaningful discussions on funding carbon capture and storage (CCS) technology needed to decarbonize the oil and gas sector. Pathways is planning to develop a CCS hub in Northern Alberta, expected to cost $16.5-billion by 2030. Of that, Pathways wants public money to fund 66 per cent, or about $10.9-billion. Pathways says government support would speed up decarbonization and help establish a competitive clean-tech industry in Canada. Alberta's Premier Danielle Smith is a vocal critic of Prime Minister Justin Trudeau and has slammed many aspects of federal climate policy, accusing Ottawa of trying to cripple Alberta's energy sector. Mr. Pourbaix says: "It's very hard to have meaningful discussions with another party when you're lobbing rocks at each other. I would like to see the temperature turned down a little bit."

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