Former US Secretary of Energy Steven Chu has joined the board of carbon capture firm Inventys.
The announcement is a coup for Vancouver-based Inventys, which sees big market opportunities in the US, specifically in the enhanced oil recovery space. Operators in mature oil formations, such as Texas’ Permian Basin, often use EOR – which can involve the injection of steam, carbon dioxide or other substances into oil reservoirs – to improve oil yield.
“There’s a huge opportunity in the US for oil production using CO2. It’s a proven technique, but there’s a supply constraint,” Inventys chief executive Andre Boulet told Breaking Energy. “Companies are seeking out ways to get their hands on CO2.” Inventys’ clients include large oil producers, such as Husky and Suncor.
While EOR is the primary use of Inventys’ carbon capture technology at present, the company has broader emissions-reduction goals. “There’s really no overarching US policy to reduce emissions, so we’re seeing customers who really want to use it for oil production,” Boulet said. “We’re very supportive of any initiatives to fight the effects of climate change, and greenhouse gas emissions are a very important issue for us to address.”
There are plenty of competitors in the carbon capture market, but Boulet listed superior economics, a small footprint and scalability among Inventys’ advantages in the space. And Secretary Chu coming on board should help to raise the company’s profile, as well as providing the company with a valuable new in-house resource.
“Secretary Chu provides a lot of expertise in this space, both from the technological side and from the industry side,” Boulet said. “He understands the energy space in the US much better than we do, and is a huge resource for us to help guide the company in our strategy as we try to break into the US space.”
“The US is really a big market opportunity for us, both for EOR, and for GHG emissions controls when that kicks off. We believe it eventually will,” Boulet said.
He added that some of the oil companies with an interest in Inventys’ technology for EOR are also eyeing it as insurance for future GHG regulations. “There are some who are supportive of commercializing the technology as a risk mitigation plan in the event of policy that forces them to do something about emissions.”
