Canada-based Suncor has unveiled plans to increase its oil production while still reducing its emissions as part of its net-zero goal.
Suncor, which used to make the Petro-Canada Peerless range of greases, is committed to becoming a net-zero business by 2050, with the interim goal of reducing emissions by 10 megatonnes by the end of this decade.
The majority of Suncor’s emissions stem from its core oil sands business, which has a reputation of being more energy-intensive than typical oil and gas operations. Suncor will therefore employ a multipronged approach that will involve changing fuels, using new technologies and offsetting with carbon credits.
For example, it will replace electricity from coal-fired power stations with that from a cogeneration plant fuelled by natural gas. Cogeneration has the advantage that it also produces the steam needed to extract the heavy oil from the oil sands. It will also expand more into renewable fuels and focus on improving its overall energy efficiency, with it believing it can enhance its steam-assisted gravity drainage process to reduce the overall greenhouse gas emissions by 30%, or even as much as 70% with additional enhancement. It will also invest in projects to capture carbon from the atmosphere, either directly from the air or from emission sources, and store it in sequestration hubs.
Suncor may have sold its Petro-Canada lubricant business, but here at TrAchem, we can still supply you with this brand’s products, so feel free to contact our helpful team to learn more.