The Newfoundland and Labrador Environmental Industry Association (NEIA), Noia, and the Oil and Gas Corporation of Newfoundland and Labrador are working together to accelerate awareness and the pursuit of clean technology opportunities in Canada’s offshore oil and gas industry, the companies said on Jan. 7. The organizations formed a joint committee in 2019 to work collaboratively and identify priorities to advance clean technology in the offshore oil and gas industry.
In 2020, the organizations received support from the Atlantic Canada Opportunities Agency (ACOA), the Department of Industry, Energy, and Technology, and the Oil and Gas Corporation of Newfoundland and Labrador to engage in a series of important studies related to clean technology in the offshore.
Two key studies were recently completed: the feasibility of powering future offshore oil and gas operations with clean electricity from shore; and powering existing and future operations with offshore wind energy. The initial results from this research were made public during Noia’s Virtual Fall Seminar held November 18, 2020 and were favorably received by attendees.
Additional studies are also ongoing and focused on: defining the region’s clean tech research and development strengths relevant to the oil and gas industry; emerging environmental performance measurements and expectations to ensure the local supply chain maintains its competitiveness internationally; and recommendations on regulatory and innovation support frameworks that will drive and enable clean growth within the industry.
Information obtained from these studies will help lay the foundation for the industry to develop its approach to helping the province and country achieve net-zero emissions by 2050.
“As global environmental carbon emission targets tighten, Newfoundland and Labrador is presenting a more competitive barrel of oil to the world energy market. It’s important we continue to innovate in this area to ensure our prospective assets contribute to the supply of lower emission crude resources globally while providing attractive investment returns to the people of this province,” Jim Keating, acting CEO of Oil and Gas Corporation of Newfoundland and Labrador, said.
On the East Coast, U.S. crude oil stockpiles fell to the lowest level since October 2014, the EIA said.
Crude oil stocks at the Cushing, Okla., delivery hub for U.S. crude futures rose 330,000 barrels, the Energy Information Administration said in its weekly report.
U.S. oil stocks rose by 8 million barrels in the week to Jan. 18, compared with analysts' expectations for a decline of 42,000 barrels, the EIA said.