Calgary-based PanCanadian Petroleum has joined Suncor Energy in an international consortium dedicated to reducing greenhouse gas emissions.
The $28 million C02 Capture Project (CCP), which also counts BP, Chevron, Norsk Hydro and the Royal Dutch/Shell Group of companies as members, was set up last year to research and develop technology aimed at capturing significant amounts of carbon dioxide from power generation and industrial sources and storing the gas in geological formations below the earth’s surface.
As reported in Business Edge last fall, PanCanadian Petroleum Ltd. has started a $1.1-billion enhanced oil-recovery operation which involves injecting carbon dioxide (CO2), shipped by pipeline 325 kilometres from the U.S., into a 46-year-old deep underground oil reservoir near Weyburn, Saskatchewan.
By injecting CO2 into the aging Weyburn field, PanCanadian expects to produce about 120 million barrels of incremental oil during the 25-year life of the project.
The operation also will permanently store in the oil reservoir approximately 14 million net tonnes of CO2 that would otherwise be emitted to the atmosphere. Italian energy firm Eni has also linked up with the CCP group.
In a joint statement this week, CCP members said: “In addition to expanding the international focus of the effort, the inclusion of PanCanadian and Eni in this project provides additional needed technical expertise and financial resources, which enhances the project’s success.”
