• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 6 days By Kellen McGovern Jones - "BlackRock Behind New TX-LA Offshore Wind Farm"
  • 1 day Solid State Lithium Battery Bank
  • 13 days Natron Energy Achieves First-Ever Commercial-Scale Production of Sodium-Ion Batteries in the U.S.
  • 1 hour Bad news for e-cars keeps coming
  • 12 days The United States produced more crude oil than any nation, at any time.
Africa Emerges as Focal Point in Global Oil and Gas Exploration

Africa Emerges as Focal Point in Global Oil and Gas Exploration

Africa, particularly nations like Guyana…

Kuwait Announces Massive Offshore Oil and Gas Discovery

Kuwait Announces Massive Offshore Oil and Gas Discovery

Kuwait's offshore oil discovery in…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Canadian Oil Executives Slam Proposed Emissions Cap on Oil and Gas Production

  • Canadian oil executives have spoken out against a proposed cap on carbon dioxide emissions from oil and gas production.
  • They argue that the cap is unnecessary and could lead to a reduction in production.
  • The oil and gas sector is the source of 28% of Canada’s emissions and the federal government aims to reduce emissions from the sector by 38% by 2030.
Oil Sands

The chief executives of Canadian oil sands producers have spoken against plans by the federal government to impose a cap on carbon dioxide emissions from oil and gas production.

Speaking at a House of Commons committee hearing, the CEOs of Suncor, Imperial Oil, Cenovus Energy, Shell, and Enbridge, said the cap was unnecessary legislation, according to a Reuters report.

“I do support a price on carbon across the economy because I believe that will drive the innovation, the economic incentives on all of our part to continue to improve our business,” said Suncor chief executive Rich Kruger. “I fundamentally worry that a cap on emissions, the way it's constructed, will be a cap on production,” he also said.

The oil and gas sector is the source of the biggest chunk of Canada’s emissions, accounting for 28% of the total based on 2021 numbers. The federal government’s plan, first released at the end of last year, calls for a reduction in emissions from 171 million tons in 2019 to between 106 and 112 million tons by 2030.

“The world will not consume one less barrel of oil simply because Canada chooses not to provide it. That barrel will come from somewhere else,” Suncor’s Kruger also said at the hearing, echoing remarks by Shell’s former CEO Ben van Beurden in response to a court ruling that ordered the company to cut its production in order to cut emissions. 

“Canadian companies are among the world's most committed and proactive in reducing greenhouse gas emissions,” Kruger also said, as quoted by CBC.

Meanwhile, the CEO of Imperial Oil also expressed the view that a cap law would be essentially redundant.

“There's plenty of other vehicles and requirements in place,” Brad Corson said. “I've worked all over the world and Canada has one of the most stringent regulations of the places that I worked in.”

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • George Doolittle on June 08 2024 said:
    That is valuable co2. Not sure how well the pipeline Canada spent tens of billions in US Dollars going from Alberta to the Pacific Ocean is working out as shipping into the USA and Quebec still makes far more sense for refining. Some great US refining operations upon the USA West Coast tho.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News