WOLF MIDSTREAM AND PARTNERS SELECTED TO DEVELOP POTENTIAL SEQUESTRATION HUB
CALGARY, AB, March 31, 2022 /CNW/ - Wolf Midstream (Wolf), Whitecap Resources (Whitecap), the First Nation Capital Investment Partnership (FNCIP) and Heart Lake First Nation have been selected by the Government of Alberta to enter into an agreement to pursue the development of a potential carbon sequestration hub in the Fort Saskatchewan area, following a highly competitive RFPP process. Wolf and partners will conduct a technical evaluation of the geographic area this year to confirm its suitability prior to applying for a long-term lease to be issued by the Government of Alberta.
"We are pleased with the news of having been selected, along with our partners, as a capable proponent for this opportunity, following the government's competitive selection process. Our proposal was anchored in our partnership's proven CO2 infrastructure and subsurface capabilities, as well as our plan to use existing infrastructure by connecting to our Alberta Carbon Trunk Line system to minimize the project's environmental footprint," said Jeff Pearson, President, Carbon, Wolf Midstream.
"Our partnership's ability to deliver an open-access system in a timely manner will mean we can support others in the region in reducing their carbon emissions, which will contribute to furthering Canada's commitment to net zero," added Pearson.
The sequestration hub will serve large facilities in Alberta's Industrial Heartland that are seeking an independent, safe, and timely CO2 sequestration solution. Initial hub volumes are expected to be between two to three million tonnes per annum (MTPA) with significant expansion capability to support current and future requirements of Fort Saskatchewan area businesses. The partners will initiate development work immediately to ensure an in-service date prior to the end of 2024.
Wolf Midstream is a Calgary-based private company backed by Canada Pension Plan Investment Board (CPP Investments). Wolf was formed in 2016 with an investment from CPP Investments to focus on the acquisition and development of midstream infrastructure and opportunities in Western Canada. Wolf is transforming the future of carbon reduction through the development of world-scale CO2 infrastructure in both Canada and the United States. Wolf is the owner and operator of two CO2 compression facilities and the 240-kilometre Alberta Carbon Trunk Line (ACTL) pipeline that safely transports CO2 from capture sites to secure underground storage. Wolf's ACTL is a multi-party, open access CO2 pipeline designed to connect independent emitters with different end-use opportunities.
Whitecap Resources Inc. is a Calgary-based public energy company focused on the acquisition, development and production of oil and natural gas assets in Western Canada. Whitecap is the operator of the Alberta Joffre and Saskatchewan Weyburn CO2 EOR projects and manages over 200 CO2 injection wells, and associated pipelines and infrastructure. These projects safely sequester a total of two million tonnes of CO2 per year, almost half of annual sequestered volumes in Canada. The Weyburn CO2 EOR project is the largest anthropogenic carbon sequestration project in the world with over 38 MT stored to date. Our business plan is to deliver profitable growth to our shareholders over the long term under varying business conditions, while committing to environmental, social and governance leadership.
The First Nation Capital Investment Partnership (FNCIP) includes Alexander First Nation, Alexis Nakota Sioux Nation, Enoch Cree Nation, and Paul First Nation was built on shared values. The First Nation Capital Investment Partnership pursues ownership in major infrastructure assets and projects to create intergenerational wealth and a vibrant, healthy future for the participating First Nations. Axxcelus Capital Advisory Partners acts as the exclusive financial advisor for FNCIP. Axxcelus is a capital advisory firm that facilitates ownership in major assets for Indigenous communities. Axxcelus sources, evaluates, structures and finances major asset opportunities on behalf of Indigenous community clients.
SOURCE Wolf Infrastructure Management Inc.
Media Inquiries: Wolf Midstream, Jenifer Snell & Steph Robertson, [email protected], 587-747-4005
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