Canada is favouring oil projects with lower carbon emissions per barrel to help meet its climate targets, a strategy that may block Suncor Energy's plan to expand bitumen mining to feed its key oil sands operations.
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"It's a big challenge for an oil sands project, and I'm not convinced they'll even be able to do it," said Chris Severson-Baker, Alberta regional director at the Pembina Institute, a clean energy think tank. The company produces around 750,000 barrels of oil equivalent per year. The Base Plant upgraders have a combined capacity of 350,000 bpd and process bitumen into higher-value synthetic crude.
But moving bitumen from other sites further away would be more expensive and a developing a new lease would also come with tough emissions standards, said Tudor Pickering Holt analyst Matt Murphy.
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