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Cheniere Joins UNEP's Oil and Gas Methane Partnership 2.0
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Rhea-AI Summary
Cheniere Energy, Inc. (LNG) has joined the Oil and Gas Methane Partnership 2.0, aiming to enhance transparency in methane emissions reporting within the oil and gas sector. This move aligns with the company's climate initiatives, including quantifying greenhouse gas emissions across its supply chain. Cheniere has initiated a program measuring emissions at its Sabine Pass and Corpus Christi terminals and is issuing Cargo Emissions Tags (CE Tags) to customers, reflecting GHG emissions for each cargo. This commitment supports energy security for the European Union and contributes to climate action.
Positive
Joining OGMP 2.0 enhances Cheniere's commitment to climate transparency.
Initiating the QMRV program positions Cheniere as a leader in methane emissions measurement.
HOUSTON--(BUSINESS WIRE)--
Cheniere Energy, Inc. (“Cheniere” or the “Company”) (NYSE American: LNG), the largest U.S. producer of liquefied natural gas (LNG), today announced that it has joined the Oil and Gas Methane Partnership (OGMP) 2.0, the United Nations Environment Programme's (UNEP) flagship oil and gas methane emissions reporting and mitigation initiative. OGMP 2.0 is a comprehensive, measurement-based reporting framework intended to improve the accuracy and transparency of methane emissions reporting in the oil and gas sector. Cheniere joins OGMP 2.0 as part of the Company’s continued commitment to increased climate transparency and data-driven actions that address methane emissions.
Joining OGMP 2.0 is consistent with and enhanced by Cheniere’s climate strategy initiatives, including the Company’s collaborative programs to quantify, monitor, report, and verify (QMRV) greenhouse gas (GHG) emissions across the supply chain with natural gas suppliers, midstream companies, shipping companies, and academic institutions. Cheniere has initiated the QMRV program to begin measuring GHG emissions at its Sabine Pass and Corpus Christi liquefaction terminals, as well as natural gas transmission facilities, consistent with the OGMP 2.0 reporting framework. Cheniere also announced it has begun issuing Cargo Emissions Tags (CE Tags) to its customers, which estimate GHG emissions associated with each cargo produced by Cheniere, underpinned by the Company’s peer-reviewed GHG life cycle analysis.
“OGMP 2.0 is consistent with Cheniere’s climate strategy and actions to utilize technologies to measure emissions across our supply chain, employ empirical data, and be more transparent in reporting those emissions in order to inform actionable methane reduction strategies,” said Anatol Feygin, Cheniere’s Executive Vice President and Chief Commercial Officer. “OGMP 2.0 provides an international platform to share and enhance our science- and data-driven work on methane emissions, so we can continue to provide reliable LNG supplies to the European Union and other international markets to support energy security now and the transition to a lower-carbon future.”
“We are thrilled to welcome Cheniere to our pool of OGMP 2.0 companies and we applaud its commitment to transparency and data-driven actions to tackle one of the biggest and most solvable contributors to the climate crisis: methane,” said Giulia Ferrini, OGMP 2.0 Project Manager at UNEP. “We look forward to working with Cheniere to improve methane emissions measurement and transparency, thereby supporting the goals of the Paris Agreement and the Global Methane Pledge.”
“The OGMP 2.0 reporting framework is an important tool to establish more accurate and transparent information about methane emissions on a global scale,” said Helge Haugane, Senior Vice President for Gas and Power at Equinor. “Imports of LNG are key to Europe’s energy security, and we are happy that Cheniere, as the largest US LNG producer has decided to sign on. Global collaboration is critical to achieve significant methane emission reductions from our industry. Equinor’s methane intensity is amongst the lowest in the industry and we are an active member of OGMP, supporting the development and use of the OGMP 2.0 reporting framework.”
Cheniere operates over 10% of global liquefaction capacity, underpinned by more than 30 long-term customers, including Equinor, and arrangements with more than 100 counterparties throughout Cheniere’s supply chain. Since commencing exports of LNG in 2016, more than 2,300 cargoes of LNG from Cheniere have landed in 37 markets worldwide. Since the beginning of 2022, about 70% of LNG cargoes produced by Cheniere have been delivered to Europe.
About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (“LNG”) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 45 million tonnes per annum (“mtpa”) of LNG in operation and an additional 10+ mtpa of expected production capacity under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.
For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third-parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, and (vii) statements relating to Cheniere’s capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, and share repurchases. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
About OGMP 2.0
The Oil and Gas Methane Partnership 2.0 (OGMP 2.0) is a multi-stakeholder initiative launched by the United Nations Environment Programme (UNEP) and the Climate and Clean Air Coalition. OGMP 2.0 is the only comprehensive, measurement-based reporting framework for the oil and gas industry that improves the accuracy and transparency of methane emissions reporting in the oil and gas sector. Over 80 companies with assets on five continents, representing over 30% of the world’s oil and gas production, have joined the partnership. OGMP 2.0 members also include operators of natural gas transmission and distribution pipelines, gas storage capacity and LNG terminals. For more information, please visit ogmpartnership.com.
