https://www.engineeringnews.co.za
Energy|Gas|PROJECT|Projects|Shell|Operations
Energy|Gas|PROJECT|Projects|Shell|Operations
energy|gas|project|projects|shell|operations

Karoon sets up carbon credits for Brazilian ops

8th February 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Karoon Energy’s Brazilian subsidiary Karoon Petróleo e Gás, has entered into an agreement with Shell Western Supply and Trading (SWST) to purchase more than 480 000 verified emission reductions (VERs), or carbon credits, between 2022 and 2030, to offset an estimated 60% of total Baúna-Patola Scope 1 and 2 greenhouse-gas (GHG) emissions.

This agreement, which includes the purchase of VERs to offset 60% of Karoon’s 2021 Baúna emissions, complements Karoon’s purchase of 19 810 VERs in November 2021, and will result in Karoon’s Baúna operations being carbon neutral for 2021, the company said on Tuesday.

This marked a significant milestone in the implementation of Karoon’s carbon management action plan, and the agreement will ensure Karoon has access to a supply of VERs at fixed prices to offset the majority of Baúna-Patola’s estimated Scope 1 and 2 emissions.

“Entering this VER agreement is a major milestone for Karoon on our sustainability journey and demonstrates our commitment to achieving our GHG emissions goals,” said Karoon CEO and MD Dr Julian Fowles.

“Karoon has set ambitious targets to be carbon neutral for Scope 1 and 2 emissions in Baúna-Patola from 2021 onwards, while working toward a net-zero target for Scope 1 and 2 emissions by 2035. These VERs, together with the VERs purchased in November 2021, enable us to achieve carbon neutrality for 2021, and take us towards reaching our longer-term objectives.

“We are delighted to have entered into this agreement with SWST which, together with other Shell affiliates, has significant experience in carbon markets and with nature-based carbon credits. Shell exercises a high level of due diligence in selecting projects, consistent with Karoon’s commitment to using high-quality VERs. The agreement provides both supply of VERs and price certainty for the majority of our estimated Baúna-Patola Scope 1 and 2 emissions.

“As an oil producer, Karoon recognises the importance of facing the global challenge of climate change. We are committed to continuing to look for ways to avoid and reduce emissions within our operations, such as the recent mooring buoy project which enables vessels to anchor safely when not in use, reducing the need to burn fuel and mitigating substantial GHG emissions. In addition, we are pursuing opportunities for investment in carbon offset projects in Brazil that can provide both climate-related and social benefits in line with Karoon’s strategy,” said Fowles.

The company is also continuing to work toward avoiding and reducing emissions in operations where possible and is actively pursuing opportunities to invest in projects to offset residual emissions.

Edited by Creamer Media Reporter

Comments

Showroom

SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 
M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

On-The-Air (17/05/2024)
On-The-Air (17/05/2024)
17th May 2024 By: Martin Creamer
Magazine round up | 10 May 2024
Magazine round up | 17 May 2024
17th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.349 0.402s - 160pq - 2rq
Subscribe Now