CO2

Although based on “intensity” and not “absolute” emissions, oil giants say it’s a step toward net-zero goals for 2050.

An independent study pegged the cost of the project at about $2.6 billion, 80% of which Norway’s government planned to fund. The ministry said there is uncertainty about Northern Lights’ benefits and that it could prove to be unprofitable.

A billion-dollar fund will be available for innovations in flare minimization, venting elimination, fugitive-emissions reduction, and complete combustion.

The company’s first report on global emissions shows that, while the US emits the most, Canada has the highest emission intensity and Norway has the lowest.

US energy-related carbon dioxide emissions declined by 2.8% in 2019 to 5,130 million metric tons, according to data in the US Energy Information Administration’s Monthly Energy Review. Carbon dioxide emissions had increased by 2.9% in 2018, the only annual increase in the past 5 years.

BP says it is firmly committed to achieving the ambitious target of net-zero greenhouse gas emissions over the next 30 years—even if that means producing less oil and gas.

The report card for unconventional oil and gas producers from a leading industry analyst is A+ for growth and F- for paying back investors.

By transitioning from gas turbines to land-based electrical power for various platforms, the company hopes to reduce carbon dioxide emissions by more than 600,000 tonnes/year.

Between 2005 and 2015, energy-related carbon dioxide emissions decreased in 43 states (including the District of Columbia) and increased in 8 states. On a per capita basis, energy-related carbon dioxide emissions decreased in 49 states (including the District of Columbia) and increased in 2 states.

Gassnova has assigned Statoil to evaluate the development of carbon storage on the Norwegian continental shelf. This will be the first storage site in the world receiving carbon dioxide from several industrial sources.