Oh Canada. Canada Pension Plan Investment Board invests $300 million into fossil fuels.
Does my heart good to see our friends to the north will invest $300 million to a company that is drilling for oil and natural gas in my backyard. Encino Acquisition Partners LLC has secured a $300 million equity investment commitment from the Canada Pension Plan Investment Board to support the energy firm’s accelerated development of the oil play in Ohio’s Utica/Point Pleasant shale region, the company said.
The energy company has emerged as the largest oil producer in Ohio – its 78 wells across the state in 2023 produced 13.8 million barrels in 2023, or approximately half of total production.
Last year witnessed a dramatic leap in overall oil production statewide, according to ODNR. In 2023, horizontal wells across Ohio produced 27.7 million barrels of oil, a 41% increase from the 19.6 million barrels produced in 2022 and a nearly 70% increase from the 16.4 million barrels produced in 2021.
