CNOOC Buys Carbon Neutral LNG Cargoes from Shell

CNOOC Buys Carbon Neutral LNG Cargoes from Shell

China National Offshore Oil Corp (CNOOC) has signed a deal with Shell for the delivery of two cargoes of carbon-neutral liquefied natural gas (LNG), the first of a kind for China, according to a press release.

The cargoes will provide enough carbon-neutral energy to power nearly 300,000 homes for a full year. CNOOC plans to auction these two carbon-neutral LNG cargoes through the Shanghai Petroleum and Gas Exchange, which will offer many downstream gas buyers a choice to decarbonize their energy use.

The cargoes are described as “carbon-neutral” which means that all emissions from exploring for and producing the natural gas, to the use by the final consumers are offset by credits from a variety of nature-based projects. Such projects include afforestation projects in Qinghai and Xinjiang.

Shell is the pioneer of carbon-neutral LNG and first sold this novel product to Tokyo Gas in June 2019.

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