Nov 6 2015, 16:59 ET | By: Carl Surran, SA News Editor
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.
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