Trafigura and Woodside collaborate on first carbon offset condensate cargo from Pluto LNG, says a press release published on their website.
First cargo of carbon offset condensate
Woodside Burrup Pty Ltd (Woodside) and its Pluto LNG joint venture participants Kansai Electric Power Australia Pty Ltd (Kansai Electric) and Tokyo Gas Pluto Pty Ltd (Tokyo Gas) have delivered their first cargo of carbon offset condensate to independent commodity trading company Trafigura Pte Ltd (Trafigura).
The cargo was loaded at Pluto LNG in Western Australia.
Towards minimizing actual emissions
The carbon dioxide equivalent emissions associated with extraction, storage, and shipping of the 650,000-barrel cargo will be offset through a combination of efficiency measures, which reduce emissions, and surrender of high-quality carbon offsets.
Trafigura is working with the vessel owner to minimize actual emissions associated with transporting the cargo.
Carbon offsets sourced from?
High-quality carbon offsets have been sourced from nature-based projects located in the Asia-Pacific region, independently validated and verified by the Gold Standard or Verified Carbon Standard.
About the project
Carbon dioxide equivalent emissions generated by extraction, storage, and shipping of the cargo will be calculated jointly by Woodside and Trafigura.
Calculation of emissions associated with extraction and storage will be based on data gathered by Woodside, as an operator of Pluto LNG.
Calculation of carbon emissions associated with shipping will be based on data collated by Trafigura, specific to the cargo voyage.
Opportunities for carbon offset condensate
Woodside Vice President Marketing Trading & Shipping Mark Abbotsford said this could be the first carbon offset condensate cargo traded globally, demonstrating opportunities for carbon offset condensate.
Non-binding MoU
In addition to the transaction, Woodside and Trafigura have signed a non-binding memorandum of understanding (MOU) to explore opportunities for carbon management in the marketing of carbon offset condensate, crude oil, and liquefied petroleum gas in the future.
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Source: Trafigura
