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Oil, gas producer targets 2030 operational carbon neutrality

February 25/2020

MOSCOW (MRC) -- Oil and gas producer Kosmos Energy, which plans to produce at least 62,000 barrels of oil equivalent per day this year, aims to make its operations carbon neutral by 2030, said Hydrocarbonprocessing.

To achieve its target, Kosmos plans to increase the weighting of gas in its portfolio, improve the carbon footprint of its operations and invest in so-called nature-based solutions such as wetlands restoration and reforestation projects.

Kosmos Energy said its next steps would include developing a target for so-called Scope 3 emissions, meaning greenhouse gases emitted from the end-use of its products, for example diesel or petrol in a passenger car.

Some integrated oil companies such as BP and Repsol , which have refining and marketing units, have Scope 3 targets already. However, Kosmos would be among the first pure oil and gas producers to develop a such a goal.

Mediterranean-focused oil and gas producer Energean has committed to reducing its net carbon emissions to zero by 2050.

Kosmos, which has specialised in exploring for new barrels, also said it would not seek access to new frontier oil basins.

The company posted a loss of $36.6 million for the fourth quarter earlier on Monday, and said its Chief Financial Officer Thomas Chambers would retire in May.

Kosmos shares were down 15% in London by 1545 GMT, tracking a 5% drop in Brent crude oil.

As MRC informed earlier, Oil prices fell around 1%, pressured by growing worries about fuel demand as a coronavirus epidemic spread further beyond China, and as major crude producers appeared to be in no rush to cut output to buttress the market. Brent crude was down 64 cents, or 1.1%, at USD58.67 a barrel by 0703 GMT, while U.S. crude dropped 54 cents, or 1%, at USD53.34 a barrel.

As MRC infomed earlier,  the price of Brent crude oil, the international benchmark, averaged USD64 per barrel (b) in 2019, USD7/b lower than its 2018 average. The price of West Texas Intermediate (WTI) crude oil, the U.S. benchmark, averaged USD57/b in 2019, USD7/b lower than in 2018.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, petrochemistry, neft.
Category:General News
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