OPTI Canada and AERI Collaborate on Innovative CO(2) Solutions
newswire.ca
TSX: OPC
CALGARY, June 12 /CNW/ - OPTI Canada Inc. (OPTI) announced today that it
is collaborating with the Alberta Energy Research Institute (AERI) to research
cost-effective and realistic approaches to carbon dioxide (CO(2)) capture and
storage. The organizations are working together to better understand the
opportunities presented by CO(2) capture, optimize technology selection and
evaluate opportunities for long-term CO(2) storage. The initiative is jointly
funded by AERI and the owners of the Long Lake Project, OPTI and Nexen Inc.
"This project is a perfect fit with AERI's mission to work in partnership
with industry to evaluate and develop advanced technologies that reduce the
environmental footprint of oil sands operations," said Eddy Isaacs, Executive
Director of AERI. "The Long Lake Project is a state-of-the-art oil sands
operation, with a unique design that facilitates the capture of a concentrated
stream of CO(2). The knowledge gained through this collaboration will be
transferable to our work with the industry as a whole, and will also assist
government agencies in developing policies for the sustainable development of
the province's valuable oil sands resources."
"Our proprietary integrated OrCrude(TM) process is designed to
significantly decrease our reliance on natural gas, while producing the
highest quality crude from Canada's oil sands with low operating costs," said
Jim Arnold, Chief Operating Officer of OPTI. "We are the first to apply
gasification technology in Canada's oil sands to convert low value bitumen
components into useful fuel energy and hydrogen, a technology that can also be
a key step in carbon capture. We see our collaboration with AERI as a natural
extension of our work to find creative and practical ways to responsibly
extract the long-term value of our resource base."
Working Towards a Comprehensive CO(2) Solution
OPTI is also a member of two leading Canadian consortiums investigating
CO(2) capture and storage, ICO2N and ASAP.
The Integrated CO(2) Network (ICO2N) is a proposed carbon capture and
storage (CCS) system for Canada. It is intended to provide a framework for an
efficient, environmentally sensitive system of CO(2) capture, transport and
long-term storage as well as explore opportunities for using captured CO(2) to
enhance hydrocarbon recovery. The companies participating in the ICO2N carbon
capture and storage initiative represent a cross-section of Canadian industry
committed to helping Canada meet its climate change objectives while
supporting economic growth. Once constructed, this proposed Canadian CCS
system will move CO(2) captured from multiple industrial sites via pipeline to
storage sites deep underground.
The Alberta Saline Project (ASAP) is an industry supported initiative to
identify suitable locations for the long-term storage (sequestration) of CO(2)
in deep geological formations. The consortium is identifying and prioritizing
suitable deep saline aquifer locations for a pilot program to demonstrate the
feasibility of CO(2) storage. The project will involve industry participants,
government agencies, academic organizations and consultants in an effort to
design and demonstrate safe and reliable long-term storage.
About AERI
AERI is the strategic energy technology arm of the Alberta Government in
the Ministry of Advanced Education and Technology. Its mission is to enhance
the development of Alberta's energy resources through investment in research,
technology and innovation in partnership with industry.
About OPTI
OPTI Canada Inc. is a Calgary, Alberta-based company focused on
developing the fourth and next major integrated oil sands project in Canada,
the Long Lake Project, in a 50/50 joint venture with Nexen Inc. The first
phase of the Project consists of 72,000 barrels per day of SAGD (steam
assisted gravity drainage) bitumen production integrated with an OPTI-operated
upgrading facility, using OPTI's proprietary OrCrude(TM) process and
commercially available hydrocracking and gasification. Through gasification,
this configuration substantially reduces the exposure to and the need to
purchase natural gas. The Project is expected to produce 58,500 bbl/d of
products, primarily 39 degree API Premium Sweet Crude (PSC(TM)) with low
sulphur content, making it a highly desirable refinery feedstock. OPTI's
common shares trade on the Toronto Stock Exchange under the symbol OPC.
Additional information regarding the Long Lake Project is available at
longlake.ca.
Forward-Looking Statements
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