Governments and companies across Canada continue to heavily invest in technological innovation and emissions reduction programs to meet interim and longer-dated targets. The federal government’s ambitious 2030 Emissions Reduction Plan aims to cut oil and gas emissions by 42% below 2019 levels in the next seven years, and methane emissions by 75% below 2012 levels, to ultimately reach net zero by 2050.
When normalizing for production, Enverus Intelligence® | Research (EIR) sees modest evidence of emission reduction regulations impacting the upstream and midstream oil and gas sector in Western Canada in recent years. Average emission intensities across Alberta, B.C. and Saskatchewan (excluding refineries and oil sands mining operations) decreased from 33.3 CO2e/boe to 31.7 CO2e/boe between January 2021 and April 2023, while absolute emissions dropped by 6% (Figure 1). EIR believes absolute emissions targets are most effective when paired with emission intensity targets for net zero to be a realistic possibility.
EIR’s estimates are derived from monthly facility-level fuel, flare and vent volumes reported to Petrinex, which are then converted to gross operated emissions in our platform and combined with other Enverus data sources.
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Highlights from Energy Transition Research
- CAISO Market Dynamics – Trends Impacting Storage Projects and Developers – This report offers EIR’s view on CAISO’s future generation mix and load forecast, how these affect future energy prices and what this means for energy storage in California.
- CCUS – Mapping Class V and VI Permits – This report leverages added disclosure to map the 45 active, pending and withdrawn Class VI applications for permanent CO2 storage. EIR identifies trends across existing permits and suggest future Class VI locations in Louisiana.
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About Enverus Intelligence®| Research
Enverus Intelligence Research, Inc. is a subsidiary of Enverus and publishes energy-sector research that focuses on the oil and natural gas industries and broader energy topics including publicly traded and privately held oil, gas, midstream and other energy industry companies, basin studies (including characteristics, activity, infrastructure, etc.), commodity pricing forecasts, global macroeconomics and geopolitical matters. Enverus Intelligence Research, Inc. is registered with the U.S. Securities and Exchange Commission as a foreign investment adviser. Click here to learn more.