Colombia’s Ecopetrol S.A. reached the 10 MMbbl milestone related to the sale of its carbon-compensated crude to markets in Asia, Europe and the Americas.
Ecopetrol expects sales to reach at least 8 MMbbl in 2023 compared to 4 MMbbl in 2022, the company said Aug. 10 in a press release.
The sales help Ecopetrol contribute “to the decarbonization of the commercial operations, consistent with the group's carbon emission reduction objectives,” the company said.
Sales are to international oil companies (IOCs) from Reliance, Citgo, Repsol, and PetroChina to Phillips 66. From 2021 to date shipments have consisted of Ecopetrol’s two flagship blends—Castilla and Apiay—produced in Colombia’s Llanos Orientales basin.
RELATED: Report: Colombia’s Oil, Gas Reserves Running Out
“The compensation covers direct carbon emissions generated throughout the product’s lifecycle, from its production process to its transportation to the Coveñas terminal in the Colombian Caribbean or to the destination port agreed with our customers,” Ecopetrol said.
Crude traded to date has offset 379,000 tons of carbon dioxide equivalent (CO2e), volumes equal to reducing emissions from deforestation of close to 9,000 hectares of mangrove forest on the Colombian coast over a 10-year period, according to Ecopetrol.
The offsets were derived from high quality-verified natural climate solutions (NCS) projects spanning forest restoration, tree planting, and the conservation of the neotropical high mountain biome or paramos, wetlands, and savannahs, among other actions seeking to avoid greenhouse gas emissions and increase carbon sequestration.
Recommended Reading
Deepwater Roundup 2024: Offshore Africa
2024-04-02 - Offshore Africa, new projects are progressing, with a number of high-reserve offshore developments being planned in countries not typically known for deepwater activity, such as Phase 2 of the Baleine project on the Ivory Coast.
E&P Highlights: April 1, 2024
2024-04-01 - Here’s a roundup of the latest E&P headlines, including new contract awards.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
The OGInterview: How do Woodside's Growth Projects Fit into its Portfolio?
2024-04-01 - Woodside Energy CEO Meg O'Neill discusses the company's current growth projects across the globe and the impact they will have on the company's future with Hart Energy's Pietro Pitts.
Third Suriname Find for Petronas, Exxon Could Support 100,000 bbl/d FPSO
2024-05-17 - A recent find offshore Suriname in Block 52 by Petronas and Exxon Mobil could support a 100,000 bbl/d FPSO development, according to Wood Mackenzie.