Canada’s Seven Generations Advances Responsible Gas
Canadian producer Seven Generations Energy (7G) said in its Q3 earnings release November 9 it had struck another supply agreement under its Equitable Origin EO100™ certification.
EO100™ was first applied to a supply arrangement 7Gen struck with Quebec distributor Energir in February. The latest agreement is with Vermont Gas Systems, which serves 53,000 residential and business customers in northwestern Vermont.
“VGS is an integrated energy services company that will distribute 7G’s responsibly-developed natural gas to its consumer base and in return pay 7G a premium that the company will direct towards the 7G Sustainability fund,” the company said, adding that it is pursuing additional similar arrangements with other parties “interested in securing responsibly produced, low-carbon intensity natural gas” under the EO100™ label.
In Q3 2020, 7G reported a net loss of C$66.8mn (US$51.5mn), an improvement over its Q2 loss of C$116.9mn but a reversal of its Q3 2019 profit of C$85.1mn.
Sales volumes averaged 168,900 barrels of oil equivalent (boe)/day in the quarter (43% natural gas), down from 204,600 boe/day in the year-ago period. Natural gas sales volumes averaged 434.6mn ft3/day, down from 515.3mn ft3/day.