Stockwatch – Suncor Energy Inc. (TSE:SU, Mkt cap 65.64B, P/E 15.47, Div/yield 0.23/2.06, EPS 2.89, Shares 1.47B) and five industry partners recently approved the construction of a new facility in Canada that will enable the testing of water treatment and recycling technologies.
The company and its partners have announced a $165 million commitment to the building of a dedicated Water Technology Development Centre (WTDC). The WTDC’s goal is to cut the time it takes to develop new technologies and commercialize them, and also improve existing technologies.
Suncor’s president and CEO Steve Williams said that the WTDC will accelerate the pace of innovation and collectively manage the risks and costs of technology development. Williams revealed plans to conduct different tests simultaneously, using process fluids in real world conditions to prove the commercial viability of new technologies.
The centre will be located at Suncor’s Firebag facility and is being pursued as a joint industry project convened under Canada’s Oil Sands Innovation Alliance (COSIA). Testing is expected to start by early 2017. Suncor’s partner companies in the project are Canadian Natural Resources Limited, Devon Canada Corporation, Nexen Energy ULC, Shell Canada Energy and Husky Oil Operations Limited.
Reducing the use of fresh water and maximizing reliability for steam assisted gravity drainage (SAGD) production are among the testing priorities for the WTDC. The centre is expected to facilitate the development of new approaches to water treatment and recycling, ultimately ensuring positive outcomes for the environment, society and economy.
By collaborating on new technologies, companies in the oil sands industry hope to develop new processes and technologies that will help minimize water usage and reduce industry costs, Williams noted.
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