A Memorandum of Understanding was signed on Tuesday, which will help to encourage energy conservation and greenhouse gas emission reductions in the oil and gas industry.
The Province and the Canadian Association of Petroleum Producers will work collaboratively to achieve energy efficiency primarily through fuel gas efficiency.
Fuel gas is a primary source of energy for the oil and gas industry in British Columbia, with approximately two billion cubic meters consumed in 2007.
Minister of Energy, Mines and Petroleum Resources Blair Lekstrom says the agreement establishes the B.C. oil and gas industry as a leader in energy conservation and will, over time, lower the operating costs and improve the competiveness of the sector.
The MOU was developed jointly by CAPP, the Ministry of Energy, Mines and Petroleum Resources and the Climate Action Secretariat. It includes key elements like promoting energy efficiency and improvement for fuel gas efficiency, as well as investigating various market and fiscal instruments to promote and enhance fuel gas efficiency.
The latest MOU is part of a broader industrial energy efficiency strategy that will help the Province curb greenhouse gas emissions by 33 per cent by 2020.