Russia’s biggest liquefied natural gas producer joined the race to make sales of the fastest growing fossil fuel as clean as possible.
Buyers from Singapore to Europe are increasingly demanding to know exactly how dirty the gas is and the scale of the emissions it produces on its journey from wells to the end user. There is also mounting pressure from investors concerned by a lack of progress among the biggest energy companies to curb pollution.
Novatek PJSC plans to clean up its production along with tripling output by the end of the decade. That includes installing carbon capture and storage at one of its Arctic fields and exploring hydrogen opportunities. And showing its intent, the company bid, but lost out on price, in a landmark tender with Pavilion Energy Pte where each cargo comes with details on its emissions.
“The trend toward “Green LNG” may be seen as a premium product and as a way for LNG suppliers to differentiate themselves,” Chief Financial Officer Mark Gyetvay said in an interview.
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