CALGARY — The bosses of four of Canada’s biggest oilsands producers shared the stage with Alberta Premier Rachel Notley as she unveiled the province’s sweeping new climate policy, but a fifth big player is still mulling over the details.
Canadian Natural Resources (TSX:CNQ), Suncor Energy (TSX:SU), Cenovus Energy (TSX:CVE) and Shell Canada all sang the praises of a plan that aims to cap oilsands emissions at 100 megatonnes annually — about 30 megatonnes more than the industry now emits.
They say it strikes the right balance between developing the resource while addressing global concerns about climate change.
But one of the biggest players in the industry — ExxonMobil-controlled Imperial Oil (TSX:IMO) — isn’t ready to voice its support just yet.
Spokesman Pius Rolheiser says the company is studying how the new policy will affect its existing operations and possible future projects in Alberta and believes any greenhouse gas policy should protect the competitiveness of the province’s oil and gas industry.
Imperial’s oilsands presence includes vast steam-driven operations around Cold Lake, Alta., as well as the massive Kearl mine of and a 25 per cent interest in the Syncrude project north of Fort McMurray, Alta.