Speaking at the closing of the AIPN 2019 International Petroleum Summit (IPS), Ryan Lance, Chairman and Chief Executive Officer of ConocoPhillips spoke about his company's "hyper focus on returns" highlighting that the "returns the energy industry has generated have been negative over the last 10 to 15 years. Investors are frustrated. We chase the cycle up only, they have to chase the cycle back down on the back side. We recognize it's a mature industry growing at 1 percent per year. There's a lot of companies, some tremendous companies ... that have dramatic growth profiles. But when they put a hundred percent of their cash flow back into the business, don't pay the shareholder a fair amount of money, they're actually destroying value in the long run.
Shell Canada Limited
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In less than four years, the Quest carbon capture and storage (CCS) facility has captured and safely stored four million tonnes of CO2, ahead of schedule and at a lower cost than anticipated. Four million tonnes of CO2 is equal to the annual emissions from about one million cars. Quest has now stored underground the most CO2 of any onshore CCS facility in the world with dedicated geological storage.
Workers from Alberta's energy sector are calling on oil sands company executives to speak out about the threat Jason Kenney's policies represent to the future of the oil sands.
Royal Dutch Shell is encouraging one of Canada's top oil and gas industry associations to reevaluate its position on climate change after a review of its relationships with industry associations.
The Natural Gas Innovation Fund (NGIF) has made three major announcements: seven Canadian natural gas producers have joined the fund to advance cleantech innovation and improve environmental performance and greenhouse gas (GHG) emission reduction in Canada's natural gas energy system; a $3 million funding call is opening for cleantech solutions for the development and production of natural gas; and a Federal/Provincial Government and Industry collaboration on GHG emission reduction in natural gas energy across Canada is being launched.
Shell Canada Energy, PetroChina Kitimat LNG Partnership, Diamond LNG Canada Ltd. and Kogas Canada LNG Ltd. announced that Petroliam Nasional Berhad ("PETRONAS") will take an equity position in LNG Canada, located in Kitimat, British Columbia on the west coast of Canada, through its wholly owned entity the North Montney LNG Limited Partnership ("NMLLP"), subject to regulatory approvals and closing conditions.
The world's liquefied natural gas (LNG) market is showing signs of growth over the next few years, according to a new report by Shell that is fueling optimism for British Columbia's stalled LNG production opportunities.
SNC-Lavalin has signed a Framework Agreement (FA) with Shell to provide pre-feasibility and feasibility studies for modular options on Shell's projects. This agreement represents a significant milestone for SNC-Lavalin in the development of industry standard pre-engineered solutions with a major International Oil Company.