Page 4 - NorthAmOil Week 29

NorthAmOil COMMENTARY NorthAmOil
CNRL sets net zero emissions target for oil sands operations
CNRL has set an ambitious target, but one it considers realistic, to reduce its net oil sands emissions to zero, writes Anna Kachkova
ALBERTA
WHAT:
CNRL has set a net zero emissions target for its oil sands operations.
WHY:
Oil sands producers are trying to improve the industry’s image as a heavy polluter.
WHAT NEXT:
CCS projects could become more popular as climate change becomes more of a priority.
CANADIAN Natural Resources Ltd (CNRL) has announced an ambitious target of reducing its net oil sands emissions to zero. e company – Canada’s largest oil and gas producer – did not set a deadline for the target, and has said that it will be achieved through innovation rather than measures such as buying carbon o sets.
“We’re trying to get there just using technol- ogy and Canadian ingenuity. at makes a big difference,” CNRL’s executive vice chairman, Steve Laut, told CBC News. He said he consid- ered the company’s goal to be achievable.
“It’s good to have a big target,” he said. “It’s going to take some time and it won’t be easy, but there’s a lot of technology out there. It’s impressive.”
Canada’s oil sands have an image as a heav- ily polluting fuel source, which has not helped the industry in recent years as investors focus increasingly on cleaner energy and renewables. A number of oil producers, including Europe- an-based super-majors, have also diversified in line with this, stepping up their investment into greener energy. is trend has played out as economics have also driven international players out of the oil sands, where new projects are costly and take years to develop. is exo- dus of international producers has le oil sands
operations concentrated overwhelmingly in the hands of four Canadian producers – CNRL, Suncor Energy, Cenovus Energy and Impe- rial Oil, which is a subsidiary of ExxonMobil. CNRL’s announcement illustrates these produc- ers’ e orts to improve the image of the oil sands industry.
Indeed, Laut admitted that the oil sands were among the most carbon-intensive oil opera- tions globally around 10 years ago. But he said that since then, the industry has worked hard to reduce its environmental impact.
Driving down emissions
CNRL has been part of these e orts, saying it has brought down the amount of greenhouse gases (GHGs) per barrel of oil it produces by 29% since 2012. The company has also cut its methane emissions by 78% during this period.
“It’s been a game-changing performance,” said Laut. “It’s really exciting because this is not the end, this is the start. We’ve got a lot more to go.”
In a sustainability report released on July 18, CNRL said its GHG intensity was 0.052 tonnes of carbon dioxide (CO2) equivalent per barrel of oil equivalent (boe) in 2018. is is a 20% reduction from 2014, when the company’s GHG intensity
CNRL says it it has brought down the amount of GHGs per barrel of oil it produces by 29% since 2012.
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Week 29 25•July•2019