The emerging energy transition is having a radical impact on the oil and gas sector, with IOCs making net-zero pledges and industry figures bemoaning a lack of investment. One key development this week was the 1 October launch by S&P Global Platts of daily carbon offset premiums alongside monthly carbon intensity calculations for 14 major crude fields around the world. This is a key step towards greater industry transparency regarding the environmental footprint of competing crude grades, enabling carbon intensity to be assessed alongside traditional measures such as API and sulfur content.

For producers, such a methodology enables them to benchmark themselves against rivals on a measure which looks set to play an increasingly important role in the market amid growing demand for low-carbon crude. (CONTINUED - 308 WORDS)