The industry group representing oil and gas companies including Exxon Mobil Corp. and Chevron Corp. said March 25 that it supports a carbon price as one measure to mitigate climate change risk.
Oil and gas trade group the American Petroleum Institute (API) said in a call with reporters that it endorsed a carbon-price policy to drive economy-wide solutions.
“We are not advocating a specific price,” API President Mike Sommers said on the call announcing the group’s new plan to address the risks of climate change. “What we are saying is this is a framework through which API will advocate for specific principals.”
The API plans to advocate for sensible legislation that prices carbon across all economic sectors while avoiding regulatory duplication, Sommers said.
API has started to shift some of its rhetoric on climate and carbon issue as the climate-focused Biden administration came to power.
Still, Sommers did not commit to the industry reaching net-zero oil emissions in the next 15 years.
“There is no way that it is feasible without technologies that are not in the marketplace today,” he said.
President Joe Biden’s administration is due to unveil a new economy-wide emissions reduction target for 2030 to comply with the Paris climate agreement by April 22, when Biden convenes world leaders on climate change.
The recently formed Tailwater Royalties will focus on the acquisition of minerals and royalties across multiple basins throughout North America, including the Permian Basin, Williston, Eagle Ford and Rockies.
Northern Oil and Gas agreed on July 31 to acquire nonoperated interests in producing properties, wells in process and acreage located in the core of the Williston Basin from multiple counterparties.
In conjunction with the deal, Solaris Water Midstream’s sponsors and management also increased their capital commitments to support the continued expansion of the company’s infrastructure systems in the Permian Basin.