In the shadow of Canada’s mega oil sands projects, smaller, technologically outdated facilities produce up to three times more emissions per barrel than the already high sector average- and rising oil prices have given them a new lease of life. These projects present another challenge to Canada’s goal to cut emissions by 40-45% by 2030. With oil prices near 2-1/2-year highs and dim prospects for building new projects in a world heading toward net zero emissions, operators are aiming to pump as much as they can from existing facilities – including from the most carbon-intense sites. Eventually, rising carbon prices may render the projects uneconomical. For now, however, producers are cashing in as they seek to repair their balance sheets from the damage inflicted by the coronavirus. “These assets are flying under the regulatory radar and they might for awhile,” said Andrew Logan, […]