Debjit Chakraborty, Bloomberg News
(Bloomberg) Indian refiner Reliance Industries Ltd. has taken delivery of 2 million barrels of crude from Occidental Petroleum Corp. that the U.S. oil producer says is carbon neutral.
Reliance which operates the worldâs biggest refining complex said itâs currently evaluating opportunities and partnerships for carbon-neutral oil and the purchase fits with its overall plan to become a net-zero carbon company by 2035, according to an emailed response to questions on Thursday. The cargo meets a tiny fraction of its processing capacity, with the company capable of refining as much as 500 million barrels of crude a year.
Oxy and Macquarie deliver world s first shipment of carbon-neutral oil
By IANS |
Published on
Wed, Feb 3 2021 19:21 IST |
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New Delhi/Houston, Feb 3 : Oxy Low Carbon Ventures (OLCV), a division of Occidental, has announced the delivery of two million barrels of carbon-neutral oil to Reliance Industries in India.
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 have been offset.
This transaction is a first step in the creation of a new market for climate-differentiated crude oil. It is also a bridge to the development of a further differentiated petroleum product, net-zero oil, which Occidental intends to eventually produce through the capture and sequestration of atmospheric CO2 via industrial-scale direct air capture (DAC) facilities
By Reuters Staff
3 Min Read
HOUSTON, Feb 3 (Reuters) - Major energy companies are turning their carbon sequestration technologies and projects into business ventures, converting some efforts that help pump more oil and gas into profit-making ventures while burnishing their environmental reputation.
The efforts could help big greenhouse gas emitters reduce their carbon emissions intensity and move closer to Paris Agreement climate change targets. Energy giants view these efforts as balancing customer demands for more oil and gas while fitting in a lower-carbon energy world.
Carbon removal technologies will be necessary to limit the increase in planetary warming to no more than 1.5 degrees Celsius, the goal of the 2015 Paris Climate Agreement, the United Nations has said.
Exxon creates unit to commercialize carbon-reduction technology
2/3/2021
Exxon Mobil Corp has created a division to commercialize its technology that helps reduce carbon emissions, as the U.S. oil major looks to step up efforts against climate change amid rising pressure from investors and activists.
The move comes as Exxon looks to burnish its environmental credentials as it engages in a proxy fight with hedge fund Engine No. 1, which is attempting to appoint candidates on the oil company’s board and push toward a more renewables-focused future.
Exxon said its Low Carbon Solutions would initially focus on carbon capture and storage and directly compete with Occidental Petroleum Corp’s Oxy Low Carbon Ventures, which is looking to develop the largest ever facility to pull carbon dioxide out of the atmosphere.