Oxy Low Carbon Ventures delivers worldâs first shipment of carbon-neutral oil
2/2/2021
Oxy Low Carbon Ventures (OLCV), a division of Occidental announced the delivery of two million barrels ofÂ
carbon-neutral oil
1Â to Reliance Industries in India. This transaction, which was arranged in conjunction with Macquarie Groupâs Commodities and Global Markets group (Macquarie), is the energy industryâs 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.
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,Â
Reliance Industries receives first delivery of carbon-neutral crude oil from Oxy Low Carbon Ventures
By Mary Page Bailey |
February 2, 2021
Oxy Low Carbon Ventures (OLCV), a division of Occidental 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, well head through combustion of end products, have been offset.
The term “carbon-neutral oil” indicates that Oxy Low Carbon Ventures and Macquarie have engaged in a structured transaction that results in the offset of an amount of carbon dioxide equivalent to that associated with the production, delivery and refining of the crude oil and the use of the resulting product through the retirement of carbon offset credit
Here is a preview of what to watch this week in oil and gas markets.
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.)
A recently announced achievement by one Permian Basin operator could mark the ascendancy of U.S. oil and gas companies in the area of carbon offsets. Find out why, along with other projections, in this installment of what to watch this week in oil and gas markets.
Tom McNulty, Houston-based Principal and Energy Practice leader with Valuescope, Inc.: We will see more and more leadership from the U.S. Energy Complex on ESG (environmental, social, and corporate governance) initiatives that actually have teeth. Just see what Oxy Low Carbon Ventures, a subsidiary of Occidental Petroleum (NYSE: OXY), did. It delivered 2 million barrels of “carbon-neutral oil” to Reliance Industries (NSE: RELIANCE) in India. As far as I can tell, this was the industry’s first
The USDollar managed to end higher for the month of January while stocks, bonds, and gold all ended lower.
Source: Bloomberg
Cryptos, however, had a big month, led by Ethereum (and helped the last few days by a migration of WSB rs and Elon Musk).
Source: Bloomberg
Of course, the really big news was the Reddit Rebellion that routed shorts late in the month, pushing Most Shorted .
The probes and lawsuits are coming.
Texas Attorney General Ken Paxton sent out a Civil Investigative Demand to 13 entities, including Robinhood and Citadel, regarding the suspension of stock trading and investing requiring higher margin reserves for trading certain companies and suspending chat platform activity.
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