Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on the recent launch of the Hydrogen Strategy for Canada by the Federal Government.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “Hydrogen is becoming more important as a transition fuel to meet governments’ net-zero targets. Last week, the Government of Canada announced its national hydrogen strategy. It recognizes the role of blue hydrogen, hydrogen produced from natural gas combined with carbon capture, to this strategy.”
The Honorable Seamus O’Regan, Canada’s Minister of Natural Resources noted, “Hydrogen’s moment has come. The economic and environmental opportunities for our workers and communities are real. There is global momentum, and Canada is harnessing it.”
The Honorable Jonathan Wilkinson, Canada’s Minister of Environment and Climate Change noted, “As an increasing number of countries strive for net-zero emissions by 2050, they are looking to hydrogen for their clean energy needs. Canada is well positioned to be among the global leaders in hydrogen production, which will help to create thousands of jobs, grow our economy, cut pollution and put Canada on a path to exceeding our 2030 Paris Agreement target.”
Including hydrogen in the natural gas supply in Quebec has been under consideration for some time. The Company has been studying the feasibility of incorporating hydrogen into its Clean Tech Energy project. Further study will include assessing the environmental benefits and economics of green and blue hydrogen together with natural gas produced from its Clean Tech Energy project. The Company is also evaluating the potential for carbon capture and storage associated with blue hydrogen.
Mr. Binnion added, “Our Clean Tech Energy project will produce natural gas with near zero emissions. Whether this Clean Gas is used to make hydrogen, to blend with hydrogen, or both, it will materially reduce emissions from production and consumption of energy. More importantly, this could turn Quebec into a hub for high value industries like methanol and fertilizer that use hydrogen and natural gas as raw materials. On a full cycle basis, our Clean Gas could make a significant contribution to reducing the footprint of these and other products.”
Commenting on the status of social acceptability for its Clean Tech project he noted, “With the inclusion of hydrogen in our project and the growing interest from industrial and other consumers, we are increasingly optimistic about our prospects for next year. Once the restrictions in Quebec related to the second COVID-19 wave are lifted, we expect this will revitalize our discussions with key stakeholders.”
Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment.
Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.
Questerre’s common shares are traded on the Toronto Stock Exchange in Canada and Oslo Stock Exchange in Norway under the symbol QEC.
For further information, please contact: Questerre Energy Corporation Jason D’Silva, Chief Financial Officer (403) 777-1185 | (403) 777-1578 (FAX)