Italy-based Eni has agreed to deliver carbon neutral LNG cargo to Taiwanese state-owned energy company CPC.
As agreed, the firm will deliver the LNG at Taiwan’s Yung An receiving terminal after procuring it from the Bontang liquefaction terminal in Indonesia.
In a statement, Eni said: “The overall greenhouse gas (GHG) emissions related to the entire value chain of the LNG cargo, including gas production, transmission, liquefaction, shipping, regasification, distribution and end-use, will be offset through the retirement of high-quality nature-based credits.”
The cargo to be delivered will be certified carbon neutral according to the internationally recognised ‘PAS 2060’ standard, the statement added.
Eni described the deal as a ‘milestone transaction’ as it seeks to advance with its decarbonisation strategy.
It aims to achieve full carbon neutrality in its products and operations by 2050.
In a short term, Eni plans to reduce net lifecycle GHG emissions (Scope 1, 2, 3) by 25% by 2030 compared with the 2018 levels.
Headquartered in Rome, Eni is a multinational oil and gas company with operations in around 68 countries.
Last month, the company announced its second-quarter results in which it returned to profit due to stronger crude prices.
The company’s adjusted net profit in the three-month period to June 2021 was €929m, compared with an adjusted net loss of €714m during the same period last year.
Eni and its partners also discovered oil in Block 10 offshore Mexico recently. The discovery is expected to host between 150 and 200 million barrels of oil equivalent.