Petrobras has signed a two-year non-binding confidentiality agreement with chemical company Unigel to discuss the possibility of entering into joint ventures for the development of projects related to green hydrogen and other low-carbon opportunities.

In a statement issued this Tuesday, the Brazilian oil company explained that the start of these conversations with Unigel is part of its 2024-2028 Strategic Plan.

After the technical analysis process, the projects that arise from this agreement will have official cost and return estimates and will be taken into consideration by the company’s internal bodies, as established by its governance policy.

Unigel is known for carrying out the first green hydrogen industrial-scale production and distribution initiative in Brazil, which is estimated to begin full operation in 2027, with a production capacity of 100,000 tons per year.

Founded in 1966, Unigel is strategically located in Brazil and has a leadership position that consolidates it as one of the largest chemical companies in Latin America and the largest manufacturer of nitrogenous fertilizers in Brazil.

As explained by the company, the agreement with Petrobras is in line with its strategic vision of promoting investments that allow the decarbonization of its operations, while providing solutions to the industry.

Source: dpa

(Reference image source: Consell de Mallorca, Europa Press / dpa)

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In proportion to the market price, the environmental costs of mining the cryptocurrency Bitcoin are more comparable to the damages of beef production than gold mining.

The authors of an analysis published in Scientific Reports suggest that rather than be viewed as “digital gold,” Bitcoin should be compared to much more energy-intensive products, such as beef, natural gas, and crude oil.

As of December 2021, Bitcoin had a market value of approximately $960 billion, with a global market share of approximately 41 % among cryptocurrencies. Although known to be energy-intensive, the extent of bitcoin’s climate damage—that is, estimates of the financial damage from carbon emissions and the impact of climate change on economies—is unclear.

Benjamin Jones and colleagues have made economic estimates of the climate damage from bitcoin mining between January 2016 and December 2021 and report that in 2020 bitcoin mining used 75.4 terawatt hours per year (TWhyear-1), higher energy use than Austria (69.9 TWhyear-1) or Portugal (48.4 TWhyear-1).

The authors assessed bitcoin’s climate damage against three sustainability criteria: whether the estimated climate damage increases over time; if the market price of bitcoin exceeds the economic cost of climate damage; and how climate damages per mined currency compare to climate damages from other sectors and commodities.

They found that energy emissions from bitcoin mining have increased 126-fold, from 0.9 tons of emissions per coin in 2016 to 113 tons per coin in 2021. Calculations suggest that each bitcoin mined in 2021 caused $11,314 in damage. climate, with a total of global damages that exceed 12,000 million dollars (about 12.5 million euros), 25 % of market prices. Damage peaked at 156 % of the coin’s price in May 2020, suggesting that every dollar of bitcoin market value led to $1.56 in global weather damage.

Lastly, the authors compared bitcoin’s climate damage to other industries and products such as electricity generation, crude oil processing, agricultural meat production, and precious metal mining. Bitcoin weather damages stood at an average of 35 % of its market value between 2016 and 2021. This was less than weather damages compared to the market value of electricity produced by natural gas (46 %) and the gasoline produced from crude oil (41 %), but more than those from beef production (33 %) and gold mining (4 %).

The authors conclude that bitcoin does not meet any of the three key sustainability criteria they evaluated it against, and that significant changes – including possible regulation – are required for bitcoin mining to be sustainable.

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Source: dpa

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The Latin American Development Bank (CAF) will strengthen the carbon markets of its member countries and will articulate the competitiveness of the supply of carbon credits, with the aim of reducing greenhouse gas emissions, mobilizing financial resources to face to global warming and respond “consistently and innovatively” to international demand, according to a statement.

Carbon markets consist of countries making transfers of emission reductions voluntarily or blindingly among themselves. Although they are not yet regulated, at the COP26 in Glasgow, the countries agreed to start activating the necessary mechanisms for their operation.

The objective of the Latin American and Caribbean Initiative for the Development of the Carbon Market (Ilacc) is to promote the global competitiveness of the supply of carbon credits generated in the region, strengthening the conditions for future voluntary and regulated markets and expanding their impact in the generation of employment, income, new technologies, green business clusters and the fight against poverty.

Among the immediate actions of Ilacc are the elaboration of a regional diagnosis on the carbon market, the start-up of the Ilacc Carbon Market Observatory, the formation of the Scientific Council and the creation of the Ilacc Regional Forum.

“The region has great climate potential, especially thanks to its unique capacity to offer nature-based solutions, which play a fundamental role in mitigating the effects of climate change”, said CAF’s Vice President of the Private Sector, Jorge Arbache.

In this sense, Arbache highlighted that the carbon market offers a historic opportunity for Latin America, which could be even more important than other boom cycles experienced by the region associated with agribusiness, mining and hydrocarbons.

K. Tovar

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Source: Atalayar

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The oil company Shell reported that it reached an agreement with the US company ConocoPhillips for the sale of its assets in the Permian oil basin, located in Texas (USA), for about 9.5 billion dollars.

The information was released through a company statement, where it reported that the assets traded include some 910 K2s in Texas and 1,000 km of oil, gas and water transportation pipelines.

The money obtained from the transaction of these assets will be used to pay its shareholders an additional 7,000 million, in addition to strengthening the company’s finances, the statement said.

Shell produced about 175,000 barrels of crude per day, but according to the negotiation, by 2022 ConocoPhillips will have an additional daily production equivalent to 200,000 barrels of oil.

The Permian Basin, located between West Texas and eastern New Mexico, “is very rich in shale oil and gas, which must be extracted from rock, and produces about 40 % of the crude in the United States.”

The Shell company will continue to be closely linked to the activities of the oil and gas business, but it has the mission of being a “carbon neutral company by 2050, through investments in new energies, CO2 emission compensation mechanisms and a reduction of its anchoring to crude oil.” It will adapt to the increasingly strong market pressures on oil companies to transform and use clean energy that allowed improving the protection of the environment.

For its part, ConocoPhillips continues to increase its position in the basin and “heart of the US shale industry”, as it is the second major purchase made in the area so far this year. Last January, the industry acquired Concho Resources for $ 9.7 billion.

M. Rodríguez

Source: ibenia.net

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