February 27, 2013
Government cancels funding
The Alberta government and Swan Hills Synfuels have agreed to discontinue their $285 million carbon capture and storage (CCS) funding agreement.
In 2011, the province committed $285 million over 15 years for Swan Hills Synfuels to capture the carbon dioxide (CO2) from the gasification of underground coal and sell it for use in enhanced oil recovery.
However, lower than projected natural gas prices have pushed back the timeline for Swan Hills production of synthetic gas and other carbon capture plans.
“At present, it’s more economical to purchase natural gas than it is to manufacture synthetic gas,” said Swan Hills Synfuels CEO Martin Lambert said.
“It’s a market reality that has led to significant delays on the CCS side of the project.”
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