Canadian conventional oil and natural gas producers cut their absolute range carbon dioxide equivalent (CO2e) emissions by 24% while growing total production by 21% over the past decade, according to a study of an industrial association.
The Canadian Association of Petroleum Producers (CAPP) used the most recent Canadian government production and emissions data available, and the analysis shows that “Canada has the capacity to grow its production and its role as a supplier secure responsibly produced energy while reducing greenhouse gas emissions.” , the association said in a press release Thursday. Data used in the analysis include the Government of Canada’s National Greenhouse Gas Emissions Inventory along with production data from Statistics Canada. Conventional production refers to all oil and natural gas production outside of Canada’s oil sands, CAPP said.
The CAPP study found that natural gas production increased by 35 percent, while CO2e emissions fell by 22 percent from 2012 to 2021. In the same period, natural gas producers reduced emissions of methane by 38 percent.
Conventional oil production “remained relatively flat” declining nine percent and CO2e emissions fell 27 percent, CAPP said, “showing the work producers have done to reduce their emissions intensity “. Conventional producers have also reduced methane emissions from total natural gas and oil production by 34 percent and methane emissions intensity by 46 percent, according to the press release.
“When we talk about growing Canada’s role as a responsible supplier of natural gas and oil to the world, emissions performance is one of those measures. Canada’s conventional producers are showing that we can increase energy production by address energy security while reducing emissions,” said CAPP President and CEO Lisa Baiton. “This track record of reducing emissions while increasing production is a demonstration of why Canadian oil and natural gas should be the barrels of choice for the world’s energy needs. As long as the world needs oil and natural gas, barrels of Canada should be part of that supply.”
“The majority of conventional oil and natural gas produced in Canada is consumed by Canadians. This production plays an important role in our own energy security and our producers are demonstrating that we can continue to develop our oil and natural gas resources and reduce broadcasts of this production,” Baiton added.
In an earlier press release, CAPP forecast oil and natural gas investment in upstream production to reach $29.64 billion (CAD 40 billion) by 2023, surpassing pre-Covid-19 investment levels and representing $2.96 billion (CAD 4 billion), or 11 percent, more. in additional spending on Canada’s economy than the previous year.
“Producers are expected to remain focused on disciplined investment with increased spending on maintenance projects and incremental growth while managing inflationary pressures that are affecting the entire supply chain,” CAPP said in the statement Additional spending is also expected to go towards environmental protection and emission reduction technologies, such as advancing the development of carbon capture utilization and storage, the association said.
“The year 2023 may be one of the most important moments in time for Canada’s oil and natural gas industry,” Baiton said. “With an emerging liquefied natural gas export industry, the expected completion of the Trans Mountain pipeline expansion and billions of dollars in emissions reduction investments waiting to be unlocked, Canada is positioned to play a much larger role in providing responsibly produced energy resources to countries around the world. To seize this opportunity, industry and all levels of government will need to work collaboratively on critical policies to create the conditions for Canada’s oil and natural gas industry will continue to thrive for decades to come.”
“Achieving pre-Covid investment levels is an important milestone, indicating that the oil and natural gas industry continues to increase investment to develop Canadian energy. As countries around the world struggle with energy crisis, Canada’s oil and natural gas production is becoming incredibly important to help meet global needs while providing a stable supply of energy to Canadians and driving greater investment in our economy,” he added Baiton.
“Globally, LNG [liquefied natural gas] it is one of the fastest growing sources of energy and Canada is one of the few stable and democratic countries with the reserves and capacity to become a natural gas exporter for decades to come. One of the most effective ways Canada can help reduce global greenhouse gas emissions and improve global energy security is by exporting our lower-emitting LNG to countries that rely on Russian coal or natural gas for power their economies,” Baiton concluded.
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