Project cancellation was a tough decision for the industry partners to make. Disappointment was felt as the final short term result was not the outcome that was hoped for. However, upon thoughtful analysis, the Project was a clear success. The Project team is proud of its many accomplishments. Pioneer leaves a legacy of valuable knowledge to the global community and will guide the way to future policy developments and industry investments that will eventually transform CCS from a prospective solution to an everyday reality.
The decision to terminate the Project was not aon the long-term viability of CCS or the future of coal-fired generation. It was dictated by specific Project circumstances such as the preference for new technologies using horizontal wells over CO2 EOR in the regional oilfield, uncertainties about the current and future value of emissions credits and strict government funding deadlines that did not allow more time for alternative market strategies to be investigated and brought to fruition.
Coal is a critical fuel for power generation in westernand world-wide that should continue to be a vital part of the global fuel mix that will provide affordable and environmentally responsible energy for the future. The safe storage of CO2 can be a vital part of the solution to the challenge of global climate change. Methods and technologies for CO2 storage are advancing rapidly, as are the legal frameworks to regulate them. Pioneer contributed to this advancement. Three of the four CCS projects in Alberta are going ahead and others are moving forward in Canada and globally. It is clear that CCS can play a critical role in helping Alberta and Canada meet climate change goals and responsibilities. CCS represents a safe, practical solution that is Canada's single largest CO2 mitigation option. It offers the opportunity to maintain the low-cost power supply that sustains the economy and supports a high quality of life.
The Pioneer partners gained from the Project a much deeper understanding of CCS in an Alberta setting. This understanding has and will continue to be shared with the global scientific community, and with industry and governments worldwide, so others can benefit from Project learnings. Knowledge sharing and the collaboration network fostered by Pioneer will reduce costs and accelerate other CCS projects in Canada and internationally as these project teams benefit from the lessons learned by Pioneer.