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    MEG FP says MEG, Cenovus CEOs call for more gov't support


    May 4, 2022 - Canada StockWatch

     

      MEG Energy Corp (TSX:MEG)

      Shares Issued 307,596,469

      Last Close 5/3/2022 $20.42

      Wednesday May 04 2022 - In the News

      Also Cenovus Energy Inc (TSX:CVE) In the News

      The Financial Post reports in its Wednesday, May 4, edition that MEG Energy chief executive officer Derek Evans says significant spending on carbon capture in the oil sands is still three or more years away and needs more support from the Alberta government.The Post's Meghan Potkins writes that Canadian energy producers are facing tough questions about when capital spending budgets will reflect the industry's stated commitment to decarbonization through large-scale carbon capture, utilization and storage (CCUS) technology.There have been signals that the Trudeau government's newly unveiled CCUS investment tax credit is not enough.Now, comments from energy company CEOs appear to confirm the sector is waiting for Alberta's government to boost public support for the projects.On Tuesday, Mr. Evans said: "We have talked publicly about the need for 75-per-cent support at the capital level, so obviously we'd love to see the province finding a way to bridge that gap." Cenovus CEO Alex Pourbaix said on April 27 that "more help" for large-scale CCUS projects is needed. He said government support is needed. He said massive changes are needed in the energy sector "as we decarbonize the upstream."

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