Is This The Carbon Capture Technology Of The Future? By Fernando C. Hernandez - Feb 10, 2021, 5:50 PM CST
As the world increases its Net Zero and decarbonization efforts, many Energy Transition technologies are being introduced to meet the Paris Agreement’s global temperature targets, an agreement which the U.S has now rejoined. Direct Air Capture (DAC) is one such technology that aims to reduce carbon emissions by removing CO2 from the atmosphere. However, this green-friendly technology has a not-so-green side as well, as it can be used to enhance oil and gas production by injecting the captured CO2 into reservoirs: this method has been used by oil producers for years.
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In the dynamic world of oil and liquefied natural gas (LNG) trading, one of the hottest new products is the carbon-neutral transaction. Designed to make oil and LNG more competitive environmentally with renewable energy in response to environmental, social and corporate governance (ESG) pressures, climate change and the decarbonization megatrend, carbon-neutral oil and carbon-neutral LNG provide for the offset of the greenhouse gas (GHG) emissions associated with a defined set of oil or LNG activities. A carbon-neutral oil or LNG transaction is effected through terms in the underlying transaction documents that govern the sourcing, purchase and retirement of carbon credits as offset units (COUs).
Reliance Industries gets world s first carbon-neutral oil from US
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. Updated: 03 Feb 2021, 07:08 PM IST PTI
Mukesh Ambani s Reliance Industries has sourced the world s first consignment of carbon-neutral oil from the US as it looks to become a net zero-carbon company by 2035
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NEW DELHI :
Billionaire Mukesh Ambani s Reliance Industries Ltd has sourced the world s first consignment of carbon-neutral oil from the US as it looks to become a net zero-carbon company by 2035.
Reliance, which operates the world s largest single-location oil refining complex at Jamnagar in Gujarat with capacity of 68.2 million tonnes a year, got 2 million barrels of consignment Permian basin, the US supplier said in a statement.
Reliance gets world s first carbon-neutral oil from US
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Last Updated: Feb 03, 2021, 07:52 PM IST
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Synopsis This transaction, which was arranged in conjunction with Macquarie Group s Commodities and Global Markets group (Macquarie), is the energy industry s first major petroleum shipment for which greenhouse gas (GHG) emissions associated with the entire crude lifecycle, well head through combustion of end products, have been offset, it said.
Agencies
It is also a step in the furtherance of Occidental s net-zero ambitions and commitment to addressing climate change today.
New Delhi: Billionaire Mukesh Ambani s
Reliance Industries Ltd has sourced the world s first consignment of carbon-neutral oil from the US as it looks to become a net zero-carbon company by 2035. Reliance, which operates the world s largest single location oil refining complex at Jamnagar in Gujarat with capacity of 68.2 million tonnes a year, got 2 million barrels of consignment Permian
Reliance receives world s first carbon-neutral oil from US
Oxy Low Carbon Ventures (OLCV), a division of US oil major Occidental, delivered the carbon-neutral oil to Reliance
PTI | February 3, 2021 | Updated 21:03 IST
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Billionaire Mukesh Ambani s Reliance Industries Ltd has sourced the world s first consignment of carbon-neutral oil from the US as it looks to become a net zero-carbon company by 2035.
Reliance, which operates the world s largest single location oil refining complex at Jamnagar in Gujarat with capacity of 68.2 million tonnes a year, got 2 million barrels of consignment Permian basin, the US supplier said in a statement.
Oxy Low Carbon Ventures (OLCV), a division of US oil major Occidental, delivered carbon-neutral oil to Reliance, the firm said.