Canada oil and gas firms to drill 8% more wells next year as emissions target slips
Source: The Guardian
Canada oil and gas firms to drill 8% more wells next year as emissions target slips
Producers take advantage of new shipping options, including government-owned Trans Mountain pipeline, to boost exports
Leyland Cecco in Toronto
Fri 24 Nov 2023 18.22 GMT
Last modified on Fri 24 Nov 2023 18.24 GMT
Oil and gas producers say they will drill 8% more wells in Canada next year as they look to take advantage of new shipping options, including a controversial government-owned pipeline.
Amid forecasts that Canada is not on target to reach its emissions reductions goals, on Friday the Canadian Association of Energy Contractors (CAOEC) predicted nearly 500 more wells next year, to 6,229 projects.
The news comes as Canada, the world’s fourth-largest oil producer, weighs a possible emissions cap on the country’s oil and gas sector. The environment minister, Steven Guilbeault, has said his government hopes to draft a proposal before the Cop28 climate conference, which begins in Dubai next week. The fossil fuel industry argues the proposed caps are too restrictive.
Despite its ambitious climate commitments, Canada is expected to miss its goal of cutting carbon emissions by at least 40% below 2005 levels by 2030, in part because of emissions from the oil and gas sector. A recent audit found the only significant emissions reductions came during the 2008 financial crisis and the Covid-19 pandemic.
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Read more: https://archive.is/o20IZ
Original Guardian link (registration required): https://www.theguardian.com/world/2023/nov/24/canada-oil-gas-more-wells-trans-mountain
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