The net-zero LNG trade, which typically involves companies offsetting emissions, is expected to grow as investors increasingly consider ESG factors and the energy transition gathers pace, analysts say.
Occidental Petroleum increased the weight assigned to its emissions reductions and low-carbon ventures unit to 30% of CEO Vicki Hollub’s target bonus, according to its proxy filing.
The 60 largest banks lent more than $750 billion to 2,300 fossil fuel companies in 2020, down from $824 billion in 2019, according to a report by Rainforest Action Network, Reclaim Finance, Oil Change International and other non-governmental organizations.
Resolution would put back requirement from 2012 and 2016 the for transmission and storage of methane and VOCs.
Decarbonization is critical for oil and gas companies to be sustainable in a low-carbon future, but most companies are struggling to translate strategy into execution.
Occidental’s venture capital arm, Oxy Low Carbon Ventures, agreed to offtake and transport CO₂ from NextDecade’s planned Rio Grande LNG project and permanently sequester it in an underground geologic formation.
Oil and gas trade group the American Petroleum Institute said in a call with reporters that it endorsed a carbon-price policy to drive economy-wide solutions.
Some of the largest oilfield services companies in the world such as Schlumberger, Baker Hughes and Halliburton are ‘enablers of the transition’ to cleaner forms of energy, analyst says.
As part of the partnership, Baker Hughes plans to also explore new processes and technologies across the carbon capture, transport and storage value chain for the energy industry.