A unit of U.S. Occidental said this week it had delivered the world’s first shipment of carbon-neutral oil, or oil where emissions associated with the entire crude lifecycle—well head through the combustion of end products—have been offset. Occidental’s division Oxy Low Carbon Ventures (OLCV) delivered the cargo of two million barrels of carbon-neutral oil to Reliance Industries in India in a transaction arranged together with Macquarie Group’s Commodities and Global Markets group. The delivery of the oil, produced by Occidental in the Permian, “is a first step in the creation of a new market for climate-differentiated crude oil,” Oxy Low Carbon Ventures said. Occidental eventually plans to produce net-zero oil, where it would abate atmospheric carbon dioxide in an amount equivalent to the CO2 associated with the production, delivery, and refining of the crude oil and the use of the resulting product. “We are taking important initial steps to […]