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There are still questions about climate-neutral LNG requirements

KPMG shows the way in a changing economy

Transformation of the oil and gas industry to implement the energy transition

Australian Hydrogen Forum 2021: October 5th – 7th, Swissotel Sydney, Australia

KPMG introduces infrastructure, assets, & Places function

The cargo was sourced from BP’s LNG portfolio and delivered to the Yung An terminal in Taiwan this month.

According to BP, the CO2 and methane emissions associated with the LNG cargo were from the wellhead to the discharge terminal estimated for the respective source and journey based on its greenhouse gas emissions methodology for LNG.

KPMG shows the way in a changing economy

Transformation of the oil and gas industry to implement the energy transition

Australian Hydrogen Forum 2021: October 5th – 7th, Swissotel Sydney, Australia

KPMG introduces infrastructure, assets, & Places function

The methodology was developed “relevant to international standards”, said it incorporated input from experts, including the Wood Mackenzie LNG Carbon Emissions Tool, and could be updated from time to time.

“Natural gas plays a key role in bringing the world to net zero. This new offering further demonstrates our determination to remain one of the world’s leading and most innovative LNG suppliers “, BP Executive Vice President of Trading & shipping company Carol Howle.

” The development of a clear and reliable method for quantifying CO2 -Intensity of our LNG supply chain is an important step in helping our customers achieve their sustainability goals and supports our efforts to help the world achieve net zero. “

The first climate-neutral LNG- Freight from BP was delivered to Sempra LNG at the Energia Costa Azul terminal in Mexico in July.

More and more companies are relying on carbon offset or CO2-neutral LNG to reduce the costs associated with upstream production, liquefaction and transport Offsetting emissions.

However, market analysts and observers have repeatedly stated that there is no industry-wide definition of “carbon neutral” LNG, w as makes it difficult to quantify the promoter’s claims that they can credibly calculate the emissions of a load versus the amount needed to offset them.

“Nobody has made an accurate calculation convincingly,” said Fauziah Marzuki, analyst at Bloomberg New Energy Finance, last month.

Also, climate-neutral LNG cargoes generally only cover Scope 1 and 2 emissions, not Scope 3 – most of their carbon footprint.

In the broader sense, BP said that it has committed to reducing emissions across its portfolio by reducing oil exploration and production and investing heavily in renewable energies.

It assumes a long-term oil price assumption of $ 55 per barrel, and its overhead strategy is focused on making the energy transition accelerate significantly over the next decade.

“BP does not intend to rely on carbon credits for its net Achieve o-zero targets for 2050, “it said.

KPMG shows the way in a changing economy

Transformation of the oil and gas industry to implement the energy transition

Australian Hydrogen Forum 2021: October 5th – 7th, Swissotel Sydney, Australia

KPMG introduces infrastructure, assets, & Places function

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