Shell Secures $865 Million for Quest CCS Project in Canada
Shell has finalized agreements with Alberta and Canada to fund its Quest Carbon Capture and Storage Project with $865 million. The project aims to capture over one million tonnes of CO2 annually from Shell's operations near Edmonton, marking a significant step in carbon management and environmental performance in oil sands production.
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Shell has signed agreements with the Governments of Alberta and Canada to obtain $865 million for the Quest Carbon Capture and Storage Project. The initiative aims to permanently store over one million tonnes of CO2 per year from the Scotford Upgrader, which processes heavy oil from the Athabasca oil sands.
Regulatory applications were filed in November 2010, and a financial investment decision is anticipated in 2012, contingent on regulatory outcomes. With CO2 injection scheduled for 2015, this project will contribute to the commercial-scale deployment of CCS technology. The Quest Project represents collaboration among Shell Canada (60%), Chevron Canada Limited (20%), and Marathon Oil Canada Corporation (20%), reflecting a commitment to reducing greenhouse gas emissions in Canada's energy sector.
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