CO2

The Great Plains Synfuels Plant in North Dakota has now captured 40 million metric tons of carbon dioxide, a milestone in the synthetic natural gas production facilities’ 20-year effort to lower the impacts of energy production.

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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.