CALGARY — Suncor Energy Inc. says it has signed a memorandum of understanding with the Fort McKay First Nation on a prospective oilsands lease development opportunity on reserve lands.
The Calgary-based oilsands company says it is progressing early-stage technical and commercial feasibility assessments to determine the quality and quantity of economically recoverable bitumen ore in the area, which is located within the Regional Municipality of Wood Buffalo in northern Alberta and on the Fort McKay First Nation’s traditional territory.
Suncor’s executive vice-president for oilsands Peter Zebedee said in a news release that the partnership would give the First Nation the opportunity to govern oilsands activity on their land and fully participate and benefit from resource development.
He said the potential opportunity could provide Suncor with bitumen supply optionality post-2040.
Fort McKay First Nation Chief Raymond Powder said the agreement charts a new path for economic development on Indigenous lands and will help secure the local community’s future growth.
The Fort McKay First Nation says it supports Suncor’s commitment to achieving net-zero emissions from its oilsands operations by 2050, as well as the work of the Pathways Alliance oilsands industry group, which has proposed building a major carbon capture transportation and storage network in northern Alberta.
This report by The Canadian Press was first published March 7, 2024.
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The Canadian Press
Lead image (Credit: Reuters)
