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Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. He said oil and gas reserves are depleting at 5-7% annually, and output will decline if companies stop investing to replace them. The Canadian government has not finalised subsidies for projects to capture and sequester emissions and is developing a cap on oil and gas emissions. Not all oil companies are reducing spending on production. Greater oil production could provide the revenue to pursue net-zero aims, Rath said.

Persons: Agustin Marcarian, Darren Woods, Amin Nasser, ", Aditya Ravi, Rystad's, Alex Pourbaix, Pourbaix, that's, Chris Severson, Baker, Omar Farouk Ibrahim, Ranjit Rath, Rath, Carlos Travassos, Yrjo Koskinen, Rod Nickel, Nia Williams, David Gregorio Our Organizations: REUTERS, Rights, World Petroleum Congress, Exxon Mobil, Aramco, Rystad Energy, International Energy Agency, Cenovus Energy, Canadian, European Union, Deloitte, African Petroleum Producers ' Organization, United Nations, Oil India, Investment, Petrobras, PETR4, University of Calgary, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights CALGARY , Alberta, Calgary, United States, Paris, Pembina, India, SA, Calgary , Alberta

[1/4] LNG Canada site construction activities are held, in Kitimat, Canada, September 2022. LNG Canada, in which Japan's Mitsubishi Corp (8058.T) owns a 15% stake, is set to be Canada's first liquefied natural gas (LNG) export terminal. LNG Canada has previously described this approach as only one of the options it was considering. LNG Canada has full environmental permits from both governments to use natural gas turbines for Phase 2, making it unclear what leverage governments have to force electrification. But buyers may pay more for LNG produced with lower emissions, Klein said, noting that some buyers already purchase carbon offsets for LNG cargoes.

This week's spill of 14,000 barrels in Kansas is sure to raise alarms over future pipeline development, as U.S. regulators had already increased scrutiny of pipeline construction due to previous Keystone spills in 2017 and 2019. The pipeline suffered few incidents in its early years, but since 2017, the number of spills increased after TC Energy received a special permit from the U.S. "I think a lot of scrutiny is going to be placed on the special permit," said Jane Kleeb, founder of Bold Alliance, an advocacy group that fought Keystone XL. John Stoody, vice-president of government relations at the Liquid Energy Pipeline Association said special permits come with numerous different operating conditions. "If anything there are complaints from industry about how lengthy the special permit process is.

Eastern Canada, with its strong electricity-generating winds and short shipping distance, is a prime potential source for green hydrogen. Most hydrogen output uses natural gas or coal, called gray hydrogen, but companies want to produce green hydrogen without emissions by separating hydrogen from oxygen in water using wind-powered electrolyzers. Green hydrogen is typically more expensive, but soaring natural gas prices have elevated gray hydrogen production costs above those of green hydrogen, according to an October report. GERMANY-CANADA HYDROGEN PARTNERSHIPGermany and Canada signed a non-binding agreement in August to ship clean Canadian hydrogen to Germany by 2025. "We believe in green energy, but we don’t believe in destroying nature for a profit or supplying Germany," Rowe said.

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