Questerre Chief Executive Officer reacts to Quebec throne speech and potential ban on hydrocarbons
20 Outubro 2021 - 2:08PM
The Chief Executive Officer and President of Questerre Energy
Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC), Michael
Binnion, responded to the recent Quebec throne speech and the
potential ban on hydrocarbons.
When I was somewhat younger, I was captivated by
a business associate who said our natural gas well in Quebec could
change the upcoming referendum. Energy independence and financial
strength would answer the economic argument for Quebec autonomy he
said.
It was late in 1993 and while I was neither YES
nor NO for the referendum it made me realize the transformational
potential of energy independence.
More than a decade later, Forest Oil Corporation
and Talisman Energy Inc. made announcements that they had found a
large natural gas field in Quebec. My company was a partner in
those wells.
I will remember forever the feeling of knowing
we had actually done it – we had found energy independence in
natural gas for Quebec. It seemed evident we would have such great
support because in addition to independence, jobs, and taxes it
would be a major reduction in environmental impacts – it seemed
perfect. And our stock price agreed running to over $6 per
share.
I met with the leaders of the environmental
groups to explain the benefits and was surprised to find they
mostly knew already. I was told that as Quebec environmental
organizations they cared about Quebec emissions, and that reducing
emissions outside Quebec did not count for them. Seeing that I was
flummoxed by this answer, one of them kindly explained that I was a
businessman offering pragmatic ways to reduce emissions, but they
were idealists, and they could only support zero by 2050 or
before.
I often say if there had not been a moratorium,
I never would have learned French – and came to understand Quebec a
lot better after I learned French at the age of 54. As an
Anglophone I did not understand how much the French language is
part of who a Quebecer is. I also learned that Quebec as a distinct
society is merely a statement of fact. I learned my view of history
from the youngest part of Canada in Alberta, was not wrong, but far
from complete. I came to adopt the French part of my Canadian
history as my own. Most importantly, I also made many close friends
in Quebec that have made my life richer.
It changed my perspective, and it changed my
approach. I started listening to Quebecers about how they wanted to
develop instead of telling them how us experts do it in Alberta. We
stopped rushing.
Our company embarked on a mission to meet what
seemed like an impossible challenge. Produce natural gas not just
with a lot less emissions but with zero emissions. With that
purpose we recommitted to the regions and local acceptability.
This led us to the amazing new world of carbon
technology. This is an emerging market that Forbes and BBC among
others have reported could be worth trillions of dollars. The
simple idea is that carbon dioxide can go from being a waste
product to being a valuable feedstock. We can make fertilizer from
captured carbon dioxide emissions as well as other industrial
products and high-tech products like carbon nanotubes. We can also
store it underground. I am convinced it is the future of energy and
that we are already seeing an energy transformation worldwide.
Montreal Economic Institute has written on this
but there have been very few stories in the Quebec media, even
though billions are being committed to it and Elon Musk announced a
XPrize for Carbon Removal. There are many groups in Norway and
Alberta, among others, that are looking to accelerate carbon
technologies to market.
Unions, towns, farmers, and First Nations are
interested in working on this with us. Industrial consumers are
very interested in the more reliable, lower cost and cleaner
energy.
Finally, we see energy shortages spreading
around the world and Quebec is not immune to them. Natural gas
prices have more than doubled recently. A manufacturing trade group
in the United States is urging the Department of Energy to reduce
exports of natural gas to ensure sufficient supply for local
demand. Oil and gas make up over 80% of the Quebec trade deficit so
in these uncertain times, it is good to look at energy independence
again.
It is disappointing after these last ten years
working with a target of delivering the zero emissions result
environmentalists asked for, to hear the Government saying a formal
ban is under consideration in the throne speech yesterday. We
believe the fundamental transformation of the Quebec economy that
the Premier is calling for, is only realistic with carbon
technology and the circular economy.
However, our collaborative approach will not
change. We are working in Quebec with the idea we can cooperatively
contribute to a positive difference for Quebecers on environment,
energy security and wealth. We trust the Government will keep
international norms on investment protection consistent with the
Expropriation Act (Quebec), the Civil Code of Quebec and the Quebec
Charter of Human Rights and Freedoms and we are committed to
working with the Government and the people in the regions, no
matter what final decision is made.
We would be delighted to have meetings with the
Government and all interested stakeholders on our proposal for a
zero emissions circular economy in Quebec.
For further information, please contact:
Questerre Energy Corporation
Jason D’Silva, Chief Financial Officer
(403) 777-1185 | (403) 777-1578 (FAX) | Email: info@questerre.com
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