Chevron Corporation (NYSE: CVX) today announced that its subsidiary, Chevron U.S.A. Inc. (Singapore Branch) (Chevron), has safely delivered its first shipment of offset-paired liquefied natural gas (LNG) cargo.
Greenhouse gas emissions for the cargo, from the Gorgon Project off the northwest coast of Western Australia, will be fully offset via the retirement of high-quality nature-based and energy efficiency offsets in Cambodia, Indonesia and Nepal.
“Chevron’s first full lifecycle emissions offset cargo advances our net zero ambitions and represents a significant milestone in Chevron’s relationship with CPC Corporation, Taiwan,” said John Kuehn, President of Chevron Supply and Trading, a division of Chevron U.S.A. Inc.
“We share the view that the future of energy is lower carbon and expect this offset-paired cargo to be the first of many as we leverage our capabilities, assets, and customer relationships to deliver energy solutions to a growing world.”
For this cargo, Chevron’s Scope 1 and 2 emissions (emissions from upstream production, transportation, liquefaction and shipping) were calculated based on methodology jointly developed by Chevron, Pavilion Energy Trading & Supply Pte. Ltd. and QatarEnergy in 2021, with Scope 3 emissions calculated based on PACE Global report1 for regas and distribution and IPCC 2006 emission factor2 for combustion.
The emissions will be fully offset via the surrender of Verra3 certified offsets, namely the Katingan Peatland Restoration and Conservation Project in Indonesia, the Southern Cardamom REDD+ Project in Cambodia and the Energy Efficient Cooking Solution in Nepal.