CNOOC International operates in Canadian jurisdictions where Greenhouse Gas (GHG) emissions are regulated and carbon markets exist:
In British Columbia, our shale gas operations are subject to a carbon tax under provincial legislation.
Alberta has had carbon pricing since 2007, which is now legislated under the Technology Innovation and Emissions Reductions (TIER) regulation. Under TIER, CNOOC International's oil sands and power plant operations maintain compliance through efficiency improvements, carbon credits earned through our ownership in the Soderglen wind farm, and payment into the Technology Innovation and Emissions Reduction Fund for any emissions above the allowable limit set by the Alberta government for our operated facilities.
CNOOC International’s strategy is to limit GHG compliance costs to our business units amidst increasing regulatory stringency, an ever more competitive marketplace. We do this by using offset credits and by working closely with governments to provide input on policy that effectively reduces GHG emissions, while maintaining the competitiveness of oil and gas assets.
2021 Canadian Sustainability Report