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.
As the world grapples with an energy crisis triggered by market and supply chain instabilities and geopolitical concerns, there is a heightened focus on developing affordable, secure, and resilient energy that is sustainable and will reduce global emissions. As we navigate this period of energy transition, we need to ensure that fossil fuels and expanding clean energy systems work together cohesively to provide consumers with the energy services they need. At Crew, we believe Canada’s natural gas stands out as one of the lowest-emission options globally, offering remarkable environmental benefits. Moreover, as intermittent forms of electricity generation become increasingly significant, natural gas plays a vital role as a facilitator, enabling reliable and efficient power generation when other sources may experience fluctuations or limitations. Premature retirement of critical fossil fuel infrastructure could lead to negative consequences for energy security.1
We strongly believe that natural gas will remain an important source of energy as the world transitions towards supportive energy. With society insisting on more low-carbon and renewable energy sources, the underlying fundamentals are constructive for natural gas, with demand projected to grow by 15% and LNG exports to increase by 152% between 2022 and 20502. From a net global emissions perspective, exports of Canadian LNG to Asia and India would help displace high-emitting coal-fired electricity generation as natural gas power generation emits 50% less CO2 compared to coal3.
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.
Total GHG Emissions Intensity4
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 in 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 integrity throughout the industry. Canadian companies possess the drive, knowledge, and skills to advance research and technological innovation, which will continue to drive 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 are 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.
As the global demand for LNG is expected to rise by 50% between now and 20505, there is a significant opportunity for Canadian LNG, which is cost competitive and well-positioned to export to regions like Asia. Crew is well positioned in Northeast British Columbia, with prolific Montney assets to support this growth.
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 annually6
- Displaces high GHG emission coal
- Reduces GHG given 7 – 10 days sailing time vs. 24 days from US Gulf Coast7
- Creates jobs and prosperity for First Nations’ communities and all Canadians
- Lower ambient temperature – less energy consumption
Invested annually in environmental protection by Canada’s upstream oil and natural including biodiversity habitat protection, air quality management, and water protection8
“With natural gas representing a critical transition fuel, our role as a Canadian natural gas producer affords Crew a unique position to be a meaningful and responsible supporter of the global energy transition through LNG. Given our country’s high standards for ethics, safety, human rights, and environmental performance, the last drop of hydrocarbon ever produced should come from Canada.”
– Dale O. Shwed, President and CEO
1 Source: IEA – Work Energy Outlook 2022
2 Source: US Energy Information Administration – Annual Energy Outlook 2023
3 Source: CAPP – LNG and Climate Change
4 2021 reported (Scope 1&2); Source material is from publicly available information. The peer group includes Pipestone, Birchcliff, Arc, Tourmaline, Peyto, NuVista, Cardinal, and Baytex
5 Source: S&P Insights: Global Gas Markets via LNG Exports
6 Source: Canada Action; based on four trains
7 Source: CAPP – LNG Canada: Toward a successful FID, Mar 14, 2019
8 Source: CAPP Projects Upstream Oil and Natural Gas Investment – March 2023