The Prax Group is delighted to announce that it has successfully executed a first-of-its-kind carbon neutral heavy crude oil transaction in the Lloydminster region in Alberta, in partnership with West Lake Energy Corp, a privately held Calgary-based intermediate oil and natural gas company focused on development and exploration in western Canada.
As an integral part of this transaction, the Prax Group will work with West Lake to measure, reduce and mitigate greenhouse gas (“GHG”) emissions across West Lake’s value-chain to deliver these hydrocarbons with an operational “net zero” carbon impact.
Bruce McDonald, President and CEO of West Lake Energy Corp, said: “Today’s announcement is a groundbreaking initiative for West Lake and a major step towards a tangible demonstration of our commitments to co-optimise stewardship of the environment and investor capital in our business operations.
We are delighted to partner with the Prax Group who have assisted us with this effort in achieving carbon-neutrality in our operations. Their capabilities in structuring end-to-end solutions, and executing bespoke actionable decarbonisation structures, makes them an excellent fit for West Lake. We look forward to working with the Prax Group to deliver on our endeavour to offsetting our carbon footprint with a cohesive emissions reduction plan.”
Charlton White, Prax Group’s Managing Director – Americas, said: “This transaction will create unique opportunities for synergies with existing Prax-owned assets. It demonstrates our ongoing commitment to meeting the needs of our customers to reduce greenhouse gas emissions in existing supply chains and will encourage investment in advancing de-carbonization initiatives worldwide.”
