ST. JOHN'S, NL, May 5, 2021 /CNW/ - The Government of Canada is driving innovation in the Newfoundland and Labrador offshore oil and gas industry to accelerate emissions reduction and achieve net-zero emissions by 2050.
Today, the Minister of Natural Resources, the Honourable Seamus O'Regan Jr., with Dave Finn, CEO of Petroleum Research Newfoundland and Labrador (PRNL), announced project recipients of the Emissions Reduction Fund's Offshore Research, Development and Demonstration (RD&D) program.
Sixteen offshore RD&D projects will receive a total of $24.4 million to innovate emissions reduction technology in the Newfoundland and Labrador offshore oil and gas industry. Funded by Natural Resources Canada and managed by PRNL, the projects include companies that facilitate research, technology development and innovation for Canada's offshore. They explore ways to decarbonize offshore operations, including drilling, production and transportation.
This funding is part of the $750-million Emissions Reduction Fund, which was launched by the Government of Canada to help the oil and gas industry overcome the economic impacts of COVID-19. Through the fund, companies can meet their emissions reduction targets by adopting greener technologies and maintaining jobs in the sector.
Along with the $53 billion invested in a green recovery through the Fall Economic Statement, Canada's Strengthened Climate Plan and Budget 2021, the Emissions Reduction Fund will help Canada reach its target of lowering emissions by 40 to 45 percent below 2005 levels by 2030, and reach net-zero emissions by 2050. Supporting research, development and demonstration activities will lower emissions in Canada's offshore and advance future clean technology in the sector.
Quote
"We believe in this industry and the workers who built it. These 16 projects will keep people on the job and will drive innovations to lower emissions. This is how we get to net zero."
The Honourable Seamus O'Regan Jr.
Minister of Natural Resources
Quick Facts
- The $750-million Emissions Reduction Fund provides support through the economic impacts of COVID-19 for onshore and offshore oil and gas companies to meet their methane and emissions reduction targets by adopting greener technologies and maintain jobs in the sector, which has been heavily impacted by the COVID-19 pandemic. This fund is split into $675 million for onshore operations and $75 million for offshore operations.
- The $675-million onshore program will:
- help companies impacted by COVID-19 to deploy clean technology solutions that will reduce methane emissions while facing the economic impacts of COVID-19 and increasing global competitiveness.
- The $75-million offshore program comprises two streams:
- The Offshore Deployment Program is supporting capital projects designed to either reduce offshore GHGs or improve the environmental performance of offshore oil spill monitoring, detection and response activities.
- The Offshore RD&D Program is supporting environmental research, development and demonstration projects that advance solutions to decarbonize Newfoundland and Labrador's offshore industry. It is being delivered in collaboration with Petroleum Research Newfoundland and Labrador.
- PRNL advances RD&D and innovation projects in the offshore oil and gas industry, with a focus on health, safety and the environment. PRNL is a not-for-profit organization that collaborates with a local network of industry associations, engineering firms, supply chain members, academia and government, in order to deliver its innovation mandate.
Related Information
Emissions Reduction Fund Onshore Program on Track to Reduce Methane Emissions
Minister O'Regan Launches $750-Million Fund for Oil and Gas Companies to Reduce Methane Emissions
Prime Minister announces new support to protect Canadian jobs
New Oil and Gas Sector Emissions Reduction Fund Helps Economy and Environment
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SOURCE Natural Resources Canada
Natural Resources Canada, Media Relations, 343-292-6100, [email protected]; Ian Cameron, Press Secretary, Office of the Minister of Natural Resources, 613-447-3488, [email protected]
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