Crew continues to take proactive steps to help meet the increasing global demand for energy while upholding Canada’s high operating standards, which are among the most responsible oil and gas extraction practices in the world.
We strongly believe that natural gas is and will continue to be an important source of energy as the world transitions to cleaner energy. With society insisting on more environmentally-friendly energy sources, the underlying fundamentals are constructive for natural gas with demand projected to grow by 33% from 2019 to 2050, rivalling the growth of renewables as reported by the Energy Information Administration1.
Global Aggregated ESG Scores and Oil Reserves
With this important backdrop as support, Crew has developed our strategic asset development plan to enhance long-term sustainability and create meaningful value.
The Canadian oil and gas industry has made tremendous strides in improving overall environmental performance, proving that Canada is a global leader in ESG. Canadian energy is produced in one of the most reliable and stable nations, with world leading democratic processes, labor policies, sustainability development goals, security, and an anti-corruption reputation.
Evident in Canada’s GHG performance compared to global emissions, Canada is making remarkable strides addressing climate change. Canadian oil and gas companies are global leaders in R&D investment and are held to strict regulations and emission disclosure policies ensuring transparency and honesty throughout the industry. Canadian companies possess the drive, knowledge, and skills to advance research and technological innovation, which will continue to drive the progress in the energy sector.
As the world focuses on emissions, clean-burning natural gas is increasingly replacing coal for power generation. As renewables continue to develop, Canadian natural gas becomes a critical component acting as a bridge fueling the world to move towards a lower-carbon future over time.
Canadian natural gas is a clean burning hydrocarbon that emits significantly less emissions than coal and diesel.
Canadian natural gas will provide grid stability during the transition to renewable energy. It can be used as a supplementary fuel in replacing diesel and is the source of Liquefied natural gas (“LNG”) and Blue Hydrogen which are two additional clean burning energy options.
Canadian natural gas significantly contributes to the Canadian economy through jobs, taxes, and royalties.
Canadian natural gas is extracted and processed in a country known for ethical, responsible, and safe operations.
Canadian produced hydrocarbons, from the world’s third largest reserves, are ESG positive and have competitive breakeven supply costs.
The potential for LNG is vast. Natural gas is reduced to 1/600th of its original volume in liquid form, thus making it economical and feasible to transport over long distances in specially designed equipment.
S&P Global Platts Analytics expects global LNG demand to grow by 3% in 2021, despite the pandemic.
Investment in Canadian energy markets is ramping up and Canadian producers are benefitting from significant growth in crude oil and natural gas prices linked to positive global energy demand outlook. The economic recovery from the COVID-19 pandemic and optimism related to growing vaccination rates are set to further bolster demand for energy.
With federal and provincial investment programs supporting clean-energy initiatives, companies with strong ESG performance will have an upper hand in attracting capital and gaining stakeholder support for future projects.
The importance of just one Canadian LNG project
- Once fully complete, LNG Canada equates to ~18 million cars off the road annually2
- Displaces high GHG emission coal
- Reduces GHG given 7 – 10 days sailing time vs. 24 days from US Gulf Coast3
- Creates jobs and prosperity for First Nations’ communities and all Canadians
- Lower ambient temperature – less energy consumption
Environmental spending reported by Canadian oil and gas companies in 20164
“As a country we are doing a very good job of contributing to the sustainability of the planet. Canada, and Crew in particular, will continue to play an important role as part of the solution”
– Dale O. Shwed, President and CEO
1 Source: US Energy Information Administration – Annual Energy Outlook 2020
2 Source: Canada Action; based on four trains
3 Source: CAPP – LNG Canada: Toward a successful FID, Mar 14, 2019
4 Source: CAPP – 2016 is most recent data available