It is also a step in the furtherance of Occidental’s net-zero ambitions and commitment to addressing climate change today. This type of transaction, which involves the bundling of high-quality carbon offsets with crude oil, is an immediate executable solution that helps promote investments in longer-term, industrial-scale decarbonization strategies. The volume of offsets applied against the cargo are sufficient to cover the expected GHG emissions from the entire crude lifecycle including oil extraction, transport, storage, shipping, refining, subsequent use, and combustion. The offsets were sourced from a variety of projects verified under the Verra Verified Carbon Standard meeting eligibility criteria for the UN’s International Civil Aviation Organization’s Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). Macquarie arranged and structured the bundled offset supply and retirement. Permian Basin by Occidental and delivered to Reliance in India. The transaction is an example of Macquarie’s commitment to innovation in the environmental products space and to being a leader in energy transition. It is also a bridge to the development of a further differentiated petroleum product, net-zero oil, which Occidental intends to eventually produce through the capture and sequestration of atmospheric CO2 via industrial-scale direct air capture (DAC) facilities and geological sequestration. This transaction is a first step in the creation of a new market for climate-differentiated crude oil. This transaction, which was arranged in conjunction with Macquarie Group’s Commodities and Global Markets group (Macquarie), is the energy industry’s first major petroleum shipment for which greenhouse gas (GHG) emissions associated with the entire crude lifecycle, well head through combustion of end products, have been offset. TomHend Are you joking?It's Columbus Day until they change the law and rip down the statues which the Bolsheviks should be doing any day now.Jack Baruth was 100% correct about this hideously poor website.When the real recession hits, you will close up, so might as well get accustom to you out of my life, starting now.HOUSTON - Oxy Low Carbon Ventures, a division of Occidental announced the delivery of two million barrels of carbon-neutral oil to Reliance Industries in India.And especially to those that don't.Need another example? Look at Israel right now. Fie on Fiasler Happy "Why Conquerors Really Need to Kill ALL the Natives, Not Just Most of Them" Day to all who celebrate. Tassos Happy Non-Indigenous Tassos Day!And before you know it, TTAC "writers", we will be celebrating Festivus, aka all the ways in which you disappointed us in 2023.THere are all kinds of Euro and Caddy and Tesla models in it already.At best, the price cut may enable Saudi Lucid, at a big hit to its bottom line, to get rid of its unsellable inventory before its Saudi Sugardaddies cry "uncle" and it goes Belly Up, along with Fisker, Faraday Future, and all the other Non-Tesla BEV Startups. Tassos What does Saudi Lucid really hope to accomplish, if anything, with this price cut?The segment Lucid operates is very low volume, ie, irrelevant.Companies like Pennzoil are concerned about their public image and showing that they too can be cleaner and greener. There is more concern about greenhouse gases and global warming which increased use of hydrocarbons have brought this to more attention in recent years. Additionally refineries are more efficient and can now produce more product from a barrel of oil. There are also known reserves of oil that decades ago were not economically feasible to drill for but because of newer technology these reserves can now be economically produced. This technology did not exist 30 or more years ago. Now it is estimated that the oil reserves in these wells are greater today than they were in the 70s. These wells with the cameras have been operating since the 70s and it had been estimated that they would be depleted by the 90s. There have been cameras at the bottom of offshore wells off the Louisiana coast that have captured oil seeping in from the bottom wells. Experts estimate that there could be as much as a 200 year supply of coal. There could be a finite supply of oil but then there might be so much that it might take us centuries to use it up. There is even a theory where the center of the Earth is liquid and that this could be where oil comes from and oil picks up traces of animals and plants as it seeps up the surface. Well if you want to get technical even if oil did not originally come from decayed plants there are probably traces of plant in oil.
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