Canada’s new creative strategy to save its oil sands

Key Takeaways:

Canada’s ambitious plan to use geothermal energy could help save the country’s economically essential oil sands.
The project was created to reduce greenhouse gas emissions from oil production while demand for the energy source remains high.

Demand for oil also gas is increasing as global shortages forcing oil-producing countries to increase production.

In Canada, a renewable energy trend may benefit the oil and gas industry, with geothermal energy potentially extending the life of the oil sands for another 30 years. As well, ongoing feasibility studies may allow Canada to reduce carbon emissions by the Paris Agreement and COP26 expectations without lowering oil production.

Canada’s Oil Sands Innovation Alliance (COSIA) has partnered with Eavor Technologies Inc. and C-FER Technologies to conduct a feasibility study on geothermal energy rather than natural gas to heat water for mining, which is expected to be completed by early 2022. The project was created to reduce greenhouse gas emissions from oil production while demand for the energy source remains high.

A renewable energy trend in Canada may benefit the oil and gas industry, with geothermal energy potentially extending the life of the oil sands by 30 years. In addition, ongoing feasibility studies may allow Canada to reduce carbon emissions by the Paris Agreement and COP26 expectations while maintaining oil production.

The Canadian Oil Sands Innovation Alliance (COSIA) has partnered with Eavor Technologies Inc. and C-FER Technologies to conduct a feasibility study on geothermal energy rather than natural gas to heat mining water, which is expected to be completed early 2022. The project was established to reduce greenhouse gas emissions from oil production while demand for the fuel remains high.

“This is an exciting step forward in the potential application of this clean energy solution and one of several avenues of innovation that COSIA and its members are pursuing to support the sustainable development of the oil sands through reducing emissions,” said Robert Mugo, COSIA’s Director of Greenhouse Gases.

In addition to ensuring the oil and gas industry’s long-term viability, combining renewable energy technologies with fossil fuel production methods may improve training opportunities, providing those in the industry with job opportunities as the world undergoes an inevitable energy transition.

Is this the start of a geothermal energy boom in Canada, with renewable energy companies finally gaining the support of the country’s oil companies? As the cost of oil also gas rises in tandem with demand and international pressure to reduce fossil fuel production grows, investment in geothermal powered-production methods has the potential to extend the life of Canada’s oil industry.

Source: Oil price News