Canadian oil and gas companies facing a federally imposed emissions cap will decide to cut their production rather than invest in too-expensive carbon capture and storage technology, a new report by Deloitte says.
The Deloitte report states, 'Curtailing production would be a more cost-effective option compared to investing in CCS.'
Globally, oil demand is growing, but the Deloitte report casts doubt on the idea that carbon capture and storage technology will drive down emissions from the oil and gas sector.
#canadian-oil-and-gas-companies #emissions-cap #carbon-capture-technology #production-cutbacks #economic-impact
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