Chevron partners with Sembcorp to reduce LNG fleet emissions
Chevron Shipping Company, a unit of Chevron, has inked a deal with a subsidiary of Singapore-based Sembcorp Marine to cut carbon emissions from its fleet of LNG carriers.
PHOTO: Chevron’s LNG carrier Asia Excellence at sea. Chevron Shipping Company
Under the agreement, Sembcorp Marine will install technologies - including a reliquefication system, hull air lubrication and a new gas compressor - onboard Chevron LNG carriers. This will, in turn, aid Chevron “to reduce cargo boil-off, lower fuel consumption and increase volumes of cargo delivered.”
Sembcorp Marine expects to complete the works by mid-2025.
“Working with Chevron on its LNG fleet upgrades is an immediate way to accelerate the lowering of the carbon footprint in the maritime industry,” said Sembcorp Marine president and chief executive Wong Weng Sun.
Meanwhile, demand for LNG has been gaining more and more traction as a way to transport and store natural gas for consumption across industries. Global LNG trade has been growing year-on-year, with imports most recently rising from 387 million mt in 2021 to 409 million mt in 2022.
LNG carriers play a crucial role in transporting LNG to ports to meet both bunker demand, and the proportionally much greater demand from other sectors.
In the maritime industry, LNG was the preferred choice for alternatively-fuelled vessel orders for a second consecutive year in 2022, according to DNV data.
In terms of decarbonisation potential, LNG-fuelled vessels emit about 75% of the CO2 as oil-based marine fuels. Methane slip remains a key concern as uncombusted methane has about 28 times higher global warming potential than CO2 over a 100-year period.
“We believe LNG will be a key component of the global energy transition for years to come, and Chevron is focused on continuing its disciplined capital investment in our LNG fleet,” Chevron Shipping Company’s president Mark Ross commented.
By Tuhin Roy
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