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Oil & gas leaders look for cost reduction and efficiency gains

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.

Quest carbon capture storage facility hits 4 million tonne milestone

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.

Natural Gas Innovation Fund signs on seven leading natural gas producers

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.

$40 billion LNG Canada project to move forward

British Columbia's long-awaited liquefied natural gas industry could be shipping product by the middle of the next decade after proponents of a $40 billion LNG plant confirmed they would proceed with construction.

Petronas to acquire 25 percent of LNG Canada

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.

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