Colombia’s Ecopetrol S.A. reached the 10 MMbbl milestone related to the sale of its carbon-compensated crude to markets in Asia, Europe and the Americas.
Ecopetrol expects sales to reach at least 8 MMbbl in 2023 compared to 4 MMbbl in 2022, the company said Aug. 10 in a press release.
The sales help Ecopetrol contribute “to the decarbonization of the commercial operations, consistent with the group's carbon emission reduction objectives,” the company said.
Sales are to international oil companies (IOCs) from Reliance, Citgo, Repsol, and PetroChina to Phillips 66. From 2021 to date shipments have consisted of Ecopetrol’s two flagship blends—Castilla and Apiay—produced in Colombia’s Llanos Orientales basin.
RELATED: Report: Colombia’s Oil, Gas Reserves Running Out
“The compensation covers direct carbon emissions generated throughout the product’s lifecycle, from its production process to its transportation to the Coveñas terminal in the Colombian Caribbean or to the destination port agreed with our customers,” Ecopetrol said.
Crude traded to date has offset 379,000 tons of carbon dioxide equivalent (CO2e), volumes equal to reducing emissions from deforestation of close to 9,000 hectares of mangrove forest on the Colombian coast over a 10-year period, according to Ecopetrol.
The offsets were derived from high quality-verified natural climate solutions (NCS) projects spanning forest restoration, tree planting, and the conservation of the neotropical high mountain biome or paramos, wetlands, and savannahs, among other actions seeking to avoid greenhouse gas emissions and increase carbon sequestration.
Recommended Reading
E&P Highlights: March 11, 2024
2024-03-11 - Here’s a roundup of the latest E&P headlines, including a new bid round offshore Bangladesh and new contract awards.
Rystad: More Deepwater Wells to be Drilled in 2024
2024-02-29 - Upstream majors dive into deeper and frontier waters while exploration budgets for 2024 remain flat.
E&P Highlights: Feb. 16, 2024
2024-02-19 - From the mobile offshore production unit arriving at the Nong Yao Field offshore Thailand to approval for the Castorone vessel to resume operations, below is a compilation of the latest headlines in the E&P space.
Sinopec Brings West Sichuan Gas Field Onstream
2024-03-14 - The 100 Bcm sour gas onshore field, West Sichuan Gas Field, is expected to produce 2 Bcm per year.
Orange Basin Serves Up More Light Oil
2024-03-15 - Galp’s Mopane-2X exploration well offshore Namibia found a significant column of hydrocarbons, and the operator is assessing commerciality of the discovery.