CALGARY, Alberta (Aug. 2, 2023) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released a new report that investigates the landscape of carbon capture and sequestration (CCUS) projects being evaluated by the government of Alberta. Using Enverus Intelligence® Research, Enverus Geoscience Analytics and Enverus Subsurface Studio, EIR analysts evaluate how carbon dioxide (CO2) sequestration incentives differ between the United States and Alberta, which companies are developing carbon storage sites in Alberta and how project proposals stack up against one another.
Questions explored by EIR:
- What legislation exists in Alberta to govern CCUS activity in terms of project development and incentivization and how does that compare to the structure in the United States?
- For the 25 projects selected under the province’s Request for Full Project Proposals to evaluate CCUS developments: Where are they? Which companies are developing them? What intervals are they targeting?
- How does the Basal Cambrian Sands (BCS) interval stack up against other injection targets studied in the Lower 48?
- How do the eight projects aiming to evaluate the BCS for injection stack up from a storage quality perspective?
- How do these compare to the Shell Quest project? And what does that project look like at a high level, from a storage evaluation perspective?
“The recent Request for Full Project Proposal program developed by the government of Alberta reveals the province’s, and ultimately Canada’s, intent to put the nation on the map when it comes to being a global leader in the CCUS industry,” said Evan MacDonald, senior associate at EIR. “The operators evaluating their project’s areas of interest include many stakeholders and intervals of interest, but the BCS rises to the top as the most studied sequestration unit. This report aims to not only daylight and compare the BCS projects that are being evaluated thus far but provide a look at the policy and incentivization driving this industry acceleration and compares this saline aquifer target with others evaluated in the Lower 48.”
- The Albertan CCUS landscape is accelerating following the province’s requests for full project proposals, which resulted in the selection of 25 projects currently evaluating pore space for CO2 sequestration.
- Canada’s federal investment tax credit (ITC) and Alberta’s TIER carbon pricing program drive CCUS incentivization. The ITC offers credit rates of 60% for DAC equipment, 50% for non-DAC and 37.5% for transportation, storage and usage equipment. TIER is a carbon pricing and emission trading program with credits starting at C$65/tonne in 2023, increasing to C$170/tonne in 2030.
- EIR models the BCS as having 47.5 Gt of CO2 storage capacity and is capable of handling injection rates of up to 0.78 Mt/well/year.
- The Pathways Alliance of Canada’s major oil sands producers has the most promising pore space, with access to storage and injection rates of 1.68 Mt/section and 0.38 Mt/well/year.
Members of the media should contact Jon Haubert to schedule an interview with one of Enverus’ expert analysts.
Enverus is the most trusted, energy-dedicated SaaS platform, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from 98% of U.S. energy producers, and more than 35,000 suppliers. Our platform, with intelligent connections, drives more efficient production and distribution, capital allocation, renewable energy development, investment and sourcing; and our experienced industry experts support our customers through thought leadership, consulting and technology innovations. We provide intelligence across the energy ecosystem: renewables, oil and gas, financial institutions, and power and utilities, with more than 6,000 customers in 50 countries. Learn more at Enverus.com.
About Enverus Intelligence Research
Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. EIR is registered with the U.S. Securities and Exchange Commission as a foreign investment adviser.