Lobby Wrap: Energy and environment dominate the federal lobbying scene ipolitics.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ipolitics.ca Daily Mail and Mail on Sunday newspapers.
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CALGARY – Advantage Oil and Gas Ltd. is trading at “essentially cash value” right now, but the company’s president Michael Belenkie believes spinning out a clean tech subsidiary into a frothy carbon capture market will boost the natural gas producer’s value.
Stocks of Canadian oil and gas companies have rallied sharply since the depths of the market crash that coincided with the first wave of the COVID-19 pandemic last year. Advantage shares have risen 160 per cent to trade at $3.18 per share since bottoming at $1.22 each on March 27, 2020. Still, executives at Advantage are hoping to unlock more value from the company’s assets, including a modular carbon capture and storage system the company has developed in partnership with Calgary-based Allardyce Bower Consulting Ltd. to sequester carbon at a cost of $26 per tonne compared to the $50 current price of carbon in the country.
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Canada’s largest oil companies welcomed new tax breaks for carbon capture and storage schemes contained in the federal budget, though clean-tech leaders are concerned Ottawa is focused on “moonshots” rather than immediate actions to reduce emissions.
Finance Minister Chrystia Freeland introduced Canada’s first federal budget in two years on Monday, which contained promises of tax breaks for investments in carbon capture, utilization and storage (CCUS) projects as well as $319 million in funding for research and development in CCUS systems.
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Oilpatch welcomes carbon-capture tax breaks amid warnings Ottawa missing low-hanging fruit to cut emissions calgaryherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from calgaryherald.com Daily Mail and Mail on Sunday newspapers.
Enbridge Predicting Oil Capacity Growth for Mainline Conduit to Lower 48
Alberta and Saskatchewan oil producers stand to gain committed customers, reliable tolls and shipping capacity growth from the hotly contested service overhaul proposal for their chief conduit to markets across Canada and the United States, according to Enbridge Inc.
The Calgary pipeline conglomerate predicted the benefits in a 94-page response to industry furor ignited by its plan to convert 90% of its 2.9 million b/d Mainline to years-long delivery contracts from monthly common carrier bookings.
The reply ends a year of written salvos before an estimated five weeks of oral hearings on the switch, scheduled to start May 19 before the Canada Energy Regulator (CER). Critics have inundated Enbridge with more than 3,000 questions.