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Shell Announces Alberta Government Will Invest $745M In Quest Project

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Shell today announced that it will go ahead with the first carbon capture and storage (CCS) project for an oil sands operation in Canada. The Quest project will be built on behalf of the Athabasca Oil Sands Project joint venture owners (Shell, Chevron and Marathon Oil ^[1] ) and with support from the Governments of Canada and Alberta.

CCS is critical to meeting the huge projected increase in global energy demand while reducing carbon dioxide (CO [2] ) emissions, explained Peter Voser, Chief Executive Officer of Royal Dutch Shell plc. "If you want to achieve climate change goals, CCS has to be part of the solution.  We are helping to advance CCS technology on a number of fronts around the world, but Quest will be our flagship project."  

Alberta's oil sands are a secure, reliable source of energy and an economic engine which drives employment, training and business development across Canada and beyond.  "We will need all sources of energy to meet world demand in the coming decades," Voser noted.  "Lower CO [2] energy sources will grow, but even by 2050 at least 65 per cent of our energy will still come from fossil fuels.  So CCS will be important to manage climate impacts."

Posted-In: News Financing


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