CALGARY, Alberta: Canada’s oil sands need more emissions-cutting measures and monitoring, an official panel said on Friday in recommendations that could potentially raise costs in a high-cost region that international players have increasingly abandoned.
The report from the Oil Sands Advisory Group (OSAG) of the Alberta province, which lays out the blueprint for the 100-megaton cap on emissions for the heart of Canada’s energy sector, is non-binding.
The Alberta government, which introduced the bill for the cap late last year, said in a statement that it will review the recommendations and hold consultations starting June 27.
Alberta’s economy is largely dependent on oil and its government has said its carbon-managing measures are needed to gain federal approval for pipelines that help export its landlocked crude.
The OSAG outlined reviews for emissions-cutting that would be triggered as carbon output approaches the 100-megaton cap. Facilities that exceed emissions limits could face a C$200 ($151.29) per ton penalty, according to the report.
The advisory group also recommended requirements for new facilities and expansions to use the best available technology economically achievable to reduce emissions.
Companies should also be required to prepare plans for managing greenhouse gases and their use of technology, and high-emission intensity portions of resources should be left in the ground if possible, the group said.
The vast oil sands deposits in northern Alberta are home to the world’s third-largest crude reserves but also carry some of the highest production costs.
International oil companies including Royal Dutch Shell PLC and ConocoPhillips have sold off billions in assets to Canadian producers since the start of 2017, stoking concerns about the future of the resource.
Canada oil sands need more emissions measures
Canada oil sands need more emissions measures
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
