CVX Chevron Corporation

   By Ben Otto 
 

U.S. energy giant Chevron Corp. and Singapore's Pavilion Energy have signed a six-year energy deal that will include the joint development of tools for reporting greenhouse gas emissions associated with the supply of liquefied natural gas.

Chevron and Pavilion, a subsidiary of Singapore state investment fund Temasek Holdings, said in a joint statement Monday that the greenhouse gas tracking will cover emissions across the life cycle of LNG production, including transportation. The methodology will be based on internationally recognized standards, they added, without providing details.

"Chevron embraces a lower-carbon future," said Law Tat Win, country chairman of Chevron's Singapore unit. The reporting tools will allow companies to offer "lifecycle carbon footprinted products to the market in Singapore."

Under the deal, the companies will provide Singapore with about a half million metric tons of LNG annually beginning in 2023, with each cargo coming with a statement of its associated greenhourse gas emissions. The LNG will be sourced from Chevron's Australian portfolio, primarily its Gorgon project, a person familiar with the matter added.

The plan to develop tools to measure greenhouse gas emissions comes amid growing interest from politicians, customers and investors in data on companies' environmental, social and governance risks and practices.

S&P Global Ratings earlier this month lowered the credit ratings of major U.S. oil producers Chevron, Exxon Mobil Corp. and ConocoPhillips, pointing to outsized losses in the latest quarter and growing pressure for the oil-and-gas industry to tackle climate change.

U.S. President Joe Biden last year campaigned on requiring companies to provide more detail on environmental risks and greenhouse-gas emissions as part of a broader agenda to combat climate change. In November, the U.K. became the first country to require companies to make disclosures about the financial impact of climate change on their businesses.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

February 22, 2021 01:15 ET (06:15 GMT)

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