- Royal Dutch Shell (RDS.A, RDS.B) unveils a $1.3B carbon capture storage project for Alberta, but says future efforts to curb greenhouse gases will continue to need financial support from governments.
- Shell CEO Ben van Beurden says carbon capture and storage projects need a $60-$80 price for carbon dioxide to justify building them, more than 5x the current price of C$15/ton (US$11.27) in Alberta.
- Shell’s Quest facility will extract 1M tons of the gas from its Scotford refinery each year, and the carbon dioxide will be injected into an underground saline formation ~50 miles from the plant - it is the first in North America to store CO2 in a deep saline formation.
- The governments of Alberta and Canada contributed $745M and $120M, respectively, to build the project that counts Shell (60%), Chevron (NYSE:CVX) and Marathon Oil (NYSE:MRO), each with 20%, as investors.