Use of technology in the energy industry
Environmental groups and U.S. and European legislators have highlighted the higher carbon intensity of Alberta’s oil sands, the world’s third largest crude reserves, as a reason for slowing construction of pipelines like TransCanada Corp.’s Keystone XL and limiting exports to Europe. Prentice said the province needs to do more on environmental protection and plans to expand partnerships with environmental groups, improve monitoring and the use of technology in the energy industry.
“It’s incumbent on Alberta as a major oil supplier to have environmental credentials and to be doing really exceptional work in the environment,” he said. “We will have to go the extra mile, for sure.”
Alberta will neither lower the C$15-a-ton levy nor eliminate it, Prentice said. Options include increasing the carbon price gradually and continuing to expand the scope of emissions it’s applied to, he said.
West Texas Intermediate, the North American crude benchmark, fell 12 percent last month and has shed a quarter of its value since touching a $107.30 high this year on June 20, closing at $80.54 a barrel last week. WTI for December delivery fell 58 cents to $79.97 at 9:39 a.m. in New York today.