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Suncor Energy Inc
Symbol SU
Shares Issued 1,261,765,782
Close 2024-11-04 C$ 53.09
Market Cap C$ 66,987,145,366
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Globe says MEG, rivals eye $16B carbon-capture project

2024-11-04 07:52 ET - In the News

See In the News (C-MEG) MEG Energy Corp

The Globe and Mail reports in its Saturday edition that a consortium of Canada's largest oil sands companies is progressing on a $16.5-billion carbon capture project. The Globe's Emma Graney writes that executives, including Canadian Natural Resources' Scott Stauth and Imperial Oil's Brad Corson, are upbeat about finalizing funding deals with federal and provincial governments. Led by the Pathways Alliance, the project aims for net-zero greenhouse gas emissions from oil sands production by 2050. The alliance includes six major companies -- Cenovus Energy, Suncor Energy, Imperial Oil, Canadian Natural Resources, MEG Energy and ConocoPhillips Canada --representing about 95 per cent of Canada's oil sands output. The plan includes a 400-kilometre pipeline to transport carbon from oil sands facilities to an underground hub near Cold Lake, Alta., reducing emissions by 22 megatonnes annually. Although engineering and regulatory work are in the early stages, Mr. Corson said Friday that each Pathways company is already working on carbon capture projects for its sites. He said the group has approached pipeline suppliers for proposals on cost and timing to ensure they are ready to go once the project's economic framework is settled.

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