Emissions Reduction Alberta is offering $50 million to companies that are developing solutions to reduce oilsands GHGs and improve the industry’s cost competitiveness through a new innovation challenge.
ERA funding comes from the proceeds from industrial large emitters in the province.
Industry and other partners will be required to at least match ERA’s $50 million commitment, creating the opportunity for over $100 million in combined new investment, the agency said.
“Albertans were the ones who determined how to get the oil out of the sand and made-in-Alberta innovation is going to get the carbon out of the barrel,” Alberta Minister of Energy Margaret McCuaig-Boyd said in a statement.
“This is a timely investment that will pay huge dividends in strengthening our province’s position as a leader in responsible energy development.”
ERA says the focus of the challenge is on “breakthrough technologies for surface mining as well as in situ operations that are now ready to go to a field pilot, demonstration or first-of-kind deployment.
“The intent is to reduce both greenhouse gases and costs by investing in opportunities including alternative steam generation methods, advanced reservoir production technologies and novel surface mining processes,” ERA said.
The ERA Oil Sands Innovation Challenge will close September 7, 2017.
Last week ERA also announced the winners of a $30 million methane emissions reduction challenges.