In this week’s news update, Chevron reduces its spending budget again, and an advisory board will help the Alberta government with emissions limits.
Alberta will rely on an oilsands industry advisory group to help the government implement its carbon emission reductions policy and ensure that industry is consulted, Premier Rachel Notley said to Bloomberg Business.
The group members will be announced in the coming weeks. It will consider how to implement the 100 megaton carbon emission limit for the industry, as well as advising on land-use and resource planning.
The premier says the group won’t be writing policy for the government, but they will work closely with them. More details of the climate and emissions plan will be announced in the budget in early April, Notley said.
Chevron Trims Spending Budget Again
Chevron is cutting its spending budget by nearly 40 percent for 2017 and 2018 due to low oil prices, according to the Associated Press.
The company announced on March 8 that it expects to spend between $17 billion and $22 billion on drilling and other projects, lower than the $20 to $24 billion range it expected in October.
Chevron has a spending budget of $26.6 billion this year, down 24 percent from last year.