MOU agreement a step forward to support growth and advance the proposed Pathways CCS Project

Oil Sands Alliance member companies continuing to collaborate with governments to finalize agreements

CALGARY, AB, July 13, 2026 /PRNewswire/ -- A trilateral memorandum of understanding ("MOU") has been entered into by the federal and provincial governments and Oil Sands Alliance member companies to support Canada's ambition to become a global energy superpower. This follows the recent announcement by Alberta that it had submitted an application for a proposed West Coast Oil Pipeline to the Major Projects Office.

The trilateral MOU contemplates a series of regulatory reforms and fiscal measures needed to accelerate oil sands production growth and get products to new markets, including via the proposed West Coast Oil Pipeline.

It also signals a continued commitment to supporting a more resilient, competitive, and sustainable Canadian oil sands sector through measures including:

• A commitment by both governments to:
  • ensure their respective policy and fiscal frameworks are effective in supporting oil sands production growth.
  • streamline regulatory frameworks to be more efficient.
• A policy and fiscal framework that supports the development of the proposed Pathways Carbon Capture and Storage Project.

Advancing the proposed Pathways Project as outlined in the MOU is subject to execution of definitive agreements and regulatory approvals. When operational, the Pathways Project will have the capacity to safely transport and store about 6 million tonnes per annum of captured CO₂ by the mid-2030s from multiple oil sands facilities to a hub in the Cold Lake area for permanent underground storage. The Alliance will also work toward the objective of additional reductions in subsequent years which may be achieved by leveraging the Pathways Project, deployment of other emission reduction technologies, or projects deploying improved production practices.

"We believe we've achieved a framework that is positive for the oil sands industry and provides a step forward to help enable production growth and to advance the Pathways Project," said Oil Sands Alliance President Kendall Dilling. "It helps meet our shared vision to grow Canadian oil production and benefit Canadians across the country. Our members will continue to work with both the provincial and federal governments to ensure Canada is a competitive destination for energy investment."

Advisory
Statements of future events or conditions included in this press release, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as achieve, aspiration, believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, forecast, vision, strategy, outlook, schedule, future, continue, likely, may, should, will and/or similar references to outcomes in future periods. Forward-looking statements in the press release include, but are not limited to, references to the viability, timing, impact of and the development of paths forward in support of a GHG emission-intensity reduced future and support for same from the Government of Alberta and the Government of Canada; the ability to enable reduced GHG emission-intensity from oil production and preserve economic contribution from the industry; the deployment of technologies to reduce GHG emission-intensity; the ability to create jobs, accelerate development of the clean tech sector, provide benefits for other sectors and help maintain Canadians' quality of life; and making economic investments and delivering long term value to shareholders.

Forward-looking statements are based on current expectations, estimates, projections and assumptions at the time the statements are made. Actual future results, including expectations and assumptions concerning: demand growth and energy source, supply and mix; amount and timing of emissions reductions; the adoption and impact of new facilities or technologies, including on reductions to GHG emission-intensity; project plans, timing, costs, technical evaluations and capacities, and the ability to effectively execute on these plans and operate assets; that any required support from the Government of Alberta and the Government of Canada will be provided; applicable laws and government policies, including climate change and restrictions in response to a pandemic; production rates, growth and mix; general market conditions; and capital and environmental expenditures, could differ materially depending on a number of factors. These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and the resulting price, differential and margin impacts; political or regulatory events, including changes in law or government policy and actions in response to a pandemic; the receipt, in a timely manner, of regulatory and third-party approvals including for new technologies; lack of required support from the Government of Alberta and the Government of Canada; environmental risks inherent in oil and gas exploration and production activities; environmental regulation, including climate change and GHG regulation and changes to such regulation; availability and allocation of capital; availability and performance of third-party service providers; unanticipated technical or operational difficulties; project management and schedules and timely completion of projects; reservoir analysis and performance; unexpected technological developments; the results of research programs and new technologies, and ability to bring new technologies to commercial scale on a cost-competitive basis; operational hazards and risks; general economic conditions, including the occurrence and duration of economic recessions; and other factors referenced by the companies' in their most recent respective annual reports and management's discussion and analysis, as applicable. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to the Oil Sands Alliance members. Actual results may differ materially from those expressed or implied by forward-looking statements and readers are cautioned not to place undue reliance on them.

SOURCE Oil Sands Alliance Inc.