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. 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.
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
Derivatives exchange operator CME Group will launch a futures contract to provide customers with a market-based solution to manage global emissions risk. The Global Emissions Offset (GEO) contract will start trading on March 1.
Oxy teams with Macquarie to deliver worldâs first carbon-neutral oil from Permian basin to India 2/1/2021
HOUSTON - Oxy Low Carbon Ventures, 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 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, net-zero oil, which Occidental intends to eventually produce through the capture and sequestration of atmospheric CO2 via industrial-scale direct air capture (DA