New Oil Fields Should Have to Build the Carbon Storage Market
Qatar Offers Lebanon 2 Gas Plants and 20 Years of LNG Piped Through Syria Automakers are introducing faster, longer-range… Colombia’s largely untapped critical mineral… Leon Stille has a background in energy sciences (MSc and BSc) and is pursuing a PhD in energy policy.
He currently runs his own company,… The debate over new oil and gas fields usually ends in a familiar deadlock.
Industry argues that production will still be needed for decades, supports jobs and reduces dependence on imports.
Climate campaigners respond that every new field locks in emissions incompatible with net zero.
Both sides then discuss carbon capture and storage as an afterthought: either a technological excuse for continued extraction or a costly public project unrelated to the licence being approved.
If a government decides that a new oil or gas development is necessary, it should require the producer to fund the permanent geological storage of a progressively rising share of the carbon contained in its products.
No vague promise of “CCS readiness.” No voluntary target for 2040.
A measurable carbon storage obligation attached to the right to produce.
That would not settle every argument over fossil fuels.
But it could solve one of carbon capture's largest commercial problems: everyone says CO? storage will be needed, while too few parties are legally required to buy it.
The immediate test is the UK's reconsideration of the Rosebank oil field and Jackdaw gas field.
Their previous development approvals were overturned after a court found that the environmental assessments had failed to account properly for emissions generated when the fuels are ultimately burned.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment