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Market Chatter: Cenovus Says Oilfield Extension Off Newfoundland Will Hike Emissions by 21%

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-- The Newfoundland and Labrador government has approved hikes in greenhouse gas emissions at a nickel mine in northern Labrador and the Cenovus-owned White Rose oilfield off the coast of St. John's, The Canadian Press is reporting Monday.

Cenovus estimates that its new West White Rose platform will increase emissions at the oilfield by about 21% at peak operation, or an amount equivalent to about 100,000 metric tonnes of carbon dioxide, according to documents obtained through access to information legislation by The Canadian Press.

That's roughly the same as the emissions from more than 23,300 vehicles driven for one year, according to the United States Environmental Protection Agency.

Monday's report noted the West White Rose project was roundly applauded for bringing hundreds of construction jobs to rural Newfoundland and for extending the life of the White Rose oilfield by about 14 years. A massive component was built in Argentia, N.L., and towed out to the oilfield last year.

Its effect on greenhouse gas emissions has not been as widely discusssed, the report said.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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