Steel Reef receives $20 million to reduce methane emissions
By Canada News WireNews Crescent Point methane Steel Reef
Methane is responsible for approximately 30 percent of the global rise in temperatures to date and accounts for approximately 13 per cent of Canada’s total greenhouse gas emissions.
To address this, Ottawa has announced that the Emissions Reduction Fund (ERF) Onshore Program is providing $20 million to Steel Reef Infrastructure Corporation to partner with energy companies in Saskatchewan to significantly reduce methane emissions.
“The Emissions Reduction Fund has helped accelerate Crescent Point’s efforts to fully eliminate emissions from 10 field projects across our Saskatchewan operations. As a result, we are expecting to permanently avoid the release of approximately 415,000 tCO2e of GHG emissions. Funding assistance for these projects has been instrumental in creating additional jobs in Saskatchewan and has helped advance technologies to further enhance our environmental stewardship goals,” says Justin Foraie, Vice President, Engineering and EH&S, Crescent Point Energy Corp.
Steel Reef Infrastructure Corporation will use the federal funding to build key infrastructure to capture, gather and process methane that would otherwise be vented or flared into the atmosphere from upstream oil and gas production in Saskatchewan. Crescent Point Energy, Surge Energy and Whitecap Resources are examples of successful companies that are eliminating venting and flaring in their upstream production in the province under the program.
To date, seven Saskatchewan companies are pursuing 36 ERF-funded projects with a total of $52 million in funding from Natural Resources Canada. These projects are collectively expected to result in 2.8 megatonnes of CO2 equivalent emissions reductions in the first year following project completion, making Saskatchewan the province with the highest expected emissions reductions from the first two intake periods of the ERF Onshore Program.
“Steel Reef is proud to partner with Natural Resources Canada and our customers to invest in essential infrastructure that advances our country’s commitment to achieving net-zero emissions by 2050. With the support of the Emissions Reduction Fund, Steel Reef is deploying infrastructure to help decarbonize Canada’s energy sector. Together, by utilizing Steel Reef’s expertise in flare gas capture, we are preventing emissions from being released into the atmosphere, while creating jobs and heating homes in Saskatchewan,” says Austin Voss, Vice President & Chief Operating Officer, Steel Reef Infrastructure Corporation.