Oil and Gas

A Plan To Help Protect Pacific Marine Habitats

Suncor Energy

Suncor Energy, Thursday, December 15, 2022, Press release picture

As the saying goes, if you're planning effectively, you'll always be changing your plans. So, what happens when your business plan, and the world around us, changes?

Since the early 1980s, Petro‑Canada (and later Suncor after the merger) has held three legacy exploration permits off the coast of British Columbia. These licenses cover an area of 23,000 square kilometres, or about two thirds of the size of Vancouver Island. Parts of these licenses also overlap with two sensitive marine habitats, which, in the years since we first held the licenses, have become protected areas: the Hecate Strait and Queen Charlotte Sound Glass Sponge Reefs Marine Protected Area, and the Scott Islands Marine National Wildlife Area.

Both of these areas contain diverse marine ecosystems including the highest concentration of breeding seabirds on Canada's Pacific Coast and the largest living example of glass sponge reefs in the world, which scientists thought were extinct for more than 40 million years until their discovery in 1984.

Given its ecological importance, the entire region has been under a developmental hold since 1972, so Suncor had never completed any substantial exploration work to develop these licenses - the plans were on the proverbial shelf.

"Petro‑Canada initially sought these licenses as part of their mandate to explore and better understand Canada's oil and gas resources and move them towards development," explains Ken Saunders, Vice President, Engineering & Geoscience. "These regions have been under moratorium for a long time and aren't a core part of our business."

As a company, we've demonstrated our commitment to all dimensions of sustainability-economic, environmental, and social as well as our value of preserving and promoting biodiversity in the areas where we work.

That's why we were all ears when Natural Resources Canada (NRCan) approached us in late 2021 to ask if we'd be willing to surrender these development licenses. In doing so, we would have a chance to help protect this ecologically sensitive area for future generations.

Earlier this month, Suncor came to an agreement with NRCan to relinquish these three licenses in support of the federal government's goal of protecting critical marine habitat.

"Relinquishing these licenses demonstrates our strong partnership with the federal government in helping to protect these ecologically sensitive marine areas." says Daniel Goodwin, Director, Government Relations.

This isn't the first time that we've worked with governments and partners to surrender licenses or conserve land. In 1997, we worked with the Canadian federal government to relinquish land that covered more than 430 square kilometres for inclusion in the Gwaii Haanas National Marine Park in B.C. For the past 20 years, Suncor has also partnered with the Alberta Conservation Association to secure more than 4,000 hectares of ecologically sensitive land across 43 different conservation sites in Alberta as voluntary offsets. And in 2018, Syncrude joined the governments of Alberta and Canada, the Nature Conservancy of Canada, and the Tallcree First Nation to create the Birch River Wildland Provincial Park, a conservation area of 3,300 square kilometres located near Wood Buffalo National Park.

"Surrendering these licenses aligns with our values as a company and is something that everyone at Suncor can be extremely proud of," says Ken.

View additional multimedia and more ESG storytelling from Suncor Energy on 3blmedia.com.

Contact Info:
Spokesperson: Suncor Energy
Website: https://www.suncor.com/en-ca/sustainability
Email: info@3blmedia.com

SOURCE: Suncor Energy

View source version on accesswire.com:

News Provided by ACCESSWIRE via QuoteMedia

The Conversation (0)

Suncor Energy Announces Daniel Romasko to Join Board of Directors

Suncor Energy (TSX: SU) (NYSE: SU) today announced the appointment of Daniel (Dan) Romasko to the company's Board of Directors. Mr. Romasko's appointment is pursuant to the cooperation agreement with Elliott Investment Management dated July 16, 2022 as amended, and is effective March 23, 2023.

"I'm pleased to welcome Dan to the Suncor board," said Board Chair Michael Wilson. "He brings with him significant energy and refining leadership experience, including experience more than a decade ago as an executive in Suncor's oil sands business. Dan's valuable expertise will complement our board skills and we're looking forward to working with him."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
oil barrel and stock chart overlayed on map

Top 10 Oil-producing Countries (Updated 2023)

In recent years, the global oil market has been impacted significantly by COVID-19 disruptions, price wars between oil-producing nations and now Russia's war in Ukraine.

The output control deal made between the Organization of the Petroleum Exporting Countries (OPEC) and 11 of the world’s top oil producers expired in 2020. When production rose dramatically in April of that year after Russia’s decision not to approve further cuts proposed by Saudi Arabia, the de facto OPEC leader responded by offering its product at a discount and producing more oil.

In an oversupplied market suffering from a lack of demand, oil prices turned negative, shocking market participants. Finally, with some pressure from the US, Russia and OPEC finally came to an agreement to cut production by 9.7 million barrels per day (bpd) — the single largest output decrease in history.

Keep reading...Show less
gas stove and world map

Top 10 Natural Gas Producers by Country (Updated 2023)

Natural gas is an important energy fuel, even as the world transitions to a carbon-free economy. When investing in this market, it's key to know the ins and outs of natural gas production by country.

Global natural gas production increased by nearly 5 percent to reach a record 4.04 trillion cubic meters in 2021, according to data from Statista. Russia currently ranks as the world’s second largest natural gas producer and is the leading exporter of the fuel.

That year, Russia’s natural gas exports came in at 202 billion cubic meters of gas via pipelines and 39.6 billion cubic meters of liquified natural gas (LNG). But the war in Ukraine may change that — Russia has significantly cut natural gas exports to Europe, which previously relied on the country for 40 percent of its supply, resulting in skyrocketing energy prices in the region and abroad. The European Union has laid out a plan to phase out Russia-sourced natural gas by 2027.

Keep reading...Show less

Why a Suncor Turnaround Maintenance Event Was Given the Cree Name - Project Mamawi

Suncor Energy

Suncor Energy, Thursday, March 23, 2023, Press release picture

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Imperial Vice President, Downstream and Chemicals to assume new role at Exxon Mobil Corporation

  • J.R. (Jon) Wetmore appointed Americas Fuels Value Chain Planning & Business Development Manager, Exxon Mobil Corporation, effective May 1, 2023

Imperial (TSE: IMO, NYSE American: IMO) announced today that J.R. (Jon) Wetmore, currently Vice President, Downstream and Chemicals for Imperial will become the Americas Fuels Value Chain Planning & Business Development Manager for Exxon Mobil Corporation, effective May 1, 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230316005125/en/

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News