West Lake Energy awarded right to advance carbon sequestration hub in Pincher Creek/Waterton region
West Lake Energy Corp. is pleased to announce that the Government of Alberta awarded West Lake with the right to pursue to the next stage of development and evaluation of a potential Carbon Capture Sequestration Hub (the “Hub”) located near Pincher Creek, Alberta. Serving Southern Alberta and the northwest United States, the Pincher Creek / Waterton project will provide an immediate and permanent solution to the need for carbon capture, utilization, and storage (“CCUS”) from multiple industrial emissions.
West Lake will work with Alberta Energy to evaluate the next stage of the project and demonstrate how the Hub can be safely and responsibly developed to meet Alberta’s rigorous safety and environmental standards. Once the evaluation is complete, the Corporation can apply for a sequestration agreement, which will grant the right to inject carbon dioxide. The Hub is expected to have the capacity to sequester over 2.7 million tonnes of CO2 per year over its expected 30-year lifespan, providing low-cost, highvolume storage to the broader industry. This reduction is estimated to be about the same as a little over 580,000 cars off the road per year.[1]
As part of the Company’s vision, the Hub is to be built around three key sources of carbon: a proposed on-site, self-contained blue ammonia plant that will be used to produce fertilizer for the agricultural industry, BowArk Energy Ltd.’s approved gas-fired power generation station, and other industrial emitters in the area. This venture represents a clean energy solution for not only West Lake but for the broader growth of the power, industrial and agricultural sector in Southern Alberta through the reduction and storage of carbon emissions. It will be an important asset to the infrastructure and economy of southern Alberta in the transition to low-carbon energy.
“We are extremely excited with the award and being able to drive forward with the next step in developing the Pincher Creek / Waterton Hub project,” said Bruce McDonald, CEO of West Lake. “Unique to the area, this Hub represents a significant step in clean energy transition, while generating valuable economic benefit for the province and surrounding communities. We look forward to working alongside partners, local communities and the Province to advance the Hub in our journey to a cleaner, more sustainable energy future for all.”
The Hub has the support of several organizations, including, the Municipal District of Pincher Creek No. 9, industry participants, clean energy developers, investment banks and First Nations groups. West Lake has also received initial interest in partnerships, CCUS services and investment in the various components the Pincher Creek/Waterton Hub project.
Committed to sustainability, West Lake is responsibly developing the Pincher Creek / Waterton project as a step towards achieving net zero emissions, limiting its carbon footprint and supporting local communities through the creation of new economic ventures. CCUS is an important technology key to helping and helping Alberta and Canada meet their emissions reduction goals. Alberta is among the global leaders in CCUS, and continues to advance this technology to help our province capitalize on emerging opportunities and reduce emissions.
Their Pincher Creek / Waterton Carbon Capture Sequestration Hub was selected by the Government of Alberta for the next stage of evaluation. Serving Southern Alberta and the northwest United States, the project will provide an immediate and permanent solution to reduce emissions through carbon capture, utilization, and storage (CCUS) from multiple industrial sources. The Hub is expected to have the capacity to sequester over 2.7 million tonnes of CO2 per year over its expected 30-year lifespan, which is estimated to be about the same as a little over 580,000 cars off the road per year.
The proposed CCUS project is also part of a larger vision of the creation of a transformational self-contained clean energy centre in Southern Alberta connected to the CO2 sequestration, and is a big step in West Lake’s goal of becoming a leader in the energy transition through innovative clean energy ventures, contributing to the sustainability of Western Canadian energy.
Receiving the award is an important accomplishment and has made it possible for us to move onto the next stage – providing additional information to Alberta Energy to show how they can develop this safely and responsibly.
West Lake Energy Corp. is a privately held Calgary-based oil and natural gas company focused on development and exploration in western Canada. Rooted in responsible petroleum development, West Lake is focused on creating new ventures that support its transition into the clean energy space as it becomes a leader in environmental and community investment and stewardship.
Committed to sustainability, the Corporation is implementing a growth strategy of selective acquisitions and exploration and development of its core areas through a combination of primary, secondary and enhanced oil recovery techniques to increase reserves, production and cash flows at attractive returns on capital.