Shell, governments agree funding Canadian CO2 storage project

Shell, governments agree for funding for Canadian CO2 storage project

12:19 PM, 27th June 2011
Shell, governments agree for funding for Canadian CO2 storage project
John Abbott, Executive Vice President of Heavy Oil, Shell.

HAGUE, THE NETHERLANDS: Shell has signed agreements with the Governments of Alberta and Canada to secure $ 865 million in funding for its Quest Carbon Capture and Storage Project (CCS) in Canada. The Quest Project will capture and permanently store deep underground more than one million tonnes of CO2 per year from Shell’s Scotford Upgrader near Edmonton, Alberta, which processes heavy oil from the Athabasca oil sands.

 “Not only would it allow us to significantly reduce the carbon footprint of our oil sands operation here in Alberta, but it will contribute to the global knowledge that will help to get other CCS projects up and running more quickly,” said John Abbott, Executive Vice President of Heavy Oil, Shell.

CCS is recognized as one of the most promising technologies to reduce greenhouse gas emissions from fossil fuels, informed the company.

The signing of the funding agreement was announced as part of an event marking the earlier start-up of Shell’s 100,000-barrel-per-day expansion of its Athabasca Oil Sands Project (AOSP), bringing total capacity to 255,000 barrels per day.

The Quest Project is being advanced on behalf of the AOSP, a joint venture among Shell Canada (60 per cent) Chevron Canada Limited (20 per cent) and Marathon Oil Canada Corporation (20 per cent).

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