Kiwetinohk advances energy transition ambitions
Canada’s Kiwetinohk Energy reported net earnings of C$191mn (US$139mn) in 2022, reversing a 2021 net loss of C$22.3mn and advancing its growth as an energy transition company.
“Kiwetinohk delivered financial and operational results that move us significantly along the path of realising our built-for-purpose energy transition company,” CEO Pat Carlson said. “Kiwetinohk grew reserves in all categories, doubled upstream production and more than tripled adjusted funds flow in the fourth quarter year-over-year while achieving Alberta Utilities Commission (AUC) regulatory approval on two power plants and advancing all seven power projects along the regulatory process.”
Adjusted funds flow from operations rose to C$264.1mn from C$69.8mn, while production increased to 17,852 barrels of oil equivalent (boe)/day from 9,801 boe/day, including average natural gas production of 57.9mn ft3/day, up from 32.9mn ft3/day in 2021.
Regulatory approvals were received for the 400 MW Homestead solar and the 101 MW gas-fired Opal firm renewable projects, with final investment decisions for each targeted for Q4 2023 at the earliest. Kiwetinohk has a power development portfolio of 2,150 MW.
Kiwetinohk is also advancing two carbon capture hubs in Alberta and has entered carbon sequestration evaluation agreements for both with the government. The two hubs, at the Opal project and another natural gas combined cycle facility, could capture and store up to 4mn metric tons/year of CO2.