BP Singapore Limited, the subsidiary of the British oil major in Singapore, announces that it delivered its first carbon offset liquified natural gas (LNG) to CPC Corporation in Taiwan this Monday. The cargo arrived at the Yung An terminal in Taiwan in September 2021 and came from bp’s LNG portfolio.
The delivery is the very first that bp consolidates for the Asia-Pacific region. It follows the first LNG delivery globally to Sempra LNG at the Energia Costa Azul terminal in Mexico, back in July 2021. As we reported previously. Both deliveries strengthen bp’s natural gas offering and its new energies portfolio.
According to the company’s statement, the cargo is a “carbon offset” LNG; which means that the carbon dioxide and methane emissions related to it, from wellhead to discharge terminal for the specific source and voyage, were estimated using bp’s GHG quantification methodology.
The company developed such a methodology aligned to the most relevant international standards. It incorporated input from third-party experts, including the Wood Mackenzie LNG Carbon Emissions Tool.
Also recommended for you: Saudi Arabia cuts crude prices for Asia; Europe’s remain steady. Click here to read.
BP won’t rely on carbon credits to meet its net zero goals
On the other hand, as demand for LNG is increasing rapidly worldwide; bp intends to continue supporting this growth by diversifying its offer. Such diversity would include the development of bundled carbon offset LNG products to meet customers’ demand.
In fact, the delivery strategy comes after the company set out specific greenhouse gas emission reductions and other aims for 2030 in support of its ambition to be a net-zero company by 2050; furthermore, the company does not intend to rely on carbon credits to meet its 2030 net-zero aims.
Speaking about the milestone delivery, Carol Howle, EVP of bp trading & shipping, said. “Natural gas has a key role to play in getting the world to net zero. This new offer further demonstrates our determination to remain one of the world’s leading and most innovative LNG suppliers. The development of a clear and reliable methodology for quantifying the carbon intensity of our LNG supply chain is an important step in helping our customers deliver their sustainability goals and supports our ambition to help the world get to net zero.”
Finally, Jonty Shepard, VP of LNG trading and origination, bp trading & shipping, said. “bp continuously seeks ways to offer new energy solutions to LNG customers. bp is pleased to strengthen our long-standing relationship with CPC with this delivery of carbon offset LNG from bp’s diverse portfolio of LNG sources, quantifying the carbon intensity associated with the LNG supply from wellhead to discharge terminal and then offsetting those emissions.”
