Market News

 November 16, 2006
Energy Sector environmental technology funding

 Calgary, Alberta - Alberta's upstream oil and gas sector will benefit from a $1 million investment from Western Economic Diversification Canada (WD) to support Petroleum Technology Alliance Canada (PTAC) in implementing Phase II of the Technology for Emission Reduction and Eco-Efficiency (TEREE) initiative.

The initiative will provide the energy industry with more efficient and environmentally friendly equipment and processes to reduce polluting emissions on a wide scale. Phase II of the initiative involves the identification of environmental technologies in which the energy industry expresses interest and then providing funding to assist with commercialization.

Eric Lloyd, President of Petroleum Technology Alliance Canada states "the technologies that are developed as a result of this initiative will help position Alberta at the leading-edge of innovation in the energy sector."

Petroleum Technology Alliance Canada, based in Calgary, Alberta, will lead the steering committee for Phase II of the TEREE initiative. The committee will consist of representatives from industry, government and other related organizations.

Phase II of the TEREE initiative will direct the selection and verification of suitable environmental technologies in which industry expresses interest and will then fund to adapt or develop the technologies to a commercial stage. Industry members will provide funding and other resources to support the demonstration and verification of the selected technologies in order to develop them into a commercial stage.

Phase II of TEREE will focus on five priority areas identified by industry consultation: venting, including storage; reciprocating engines; heaters and boilers; flaring and incineration; and fugitive equipment leaks.

For more on the TEREE initiative and PTAC, click here.