Oil & Gas IQ Says it is 'Imprudent' to Overlook LNG for Emissions Reduction Over the Next Decade
LONDON, October 26, 2018 /PRNewswire/ --
In a recent article, Oil & Gas IQ stated that LNG was 'the only viable solution' for meeting the 2020 IMO sulphur cap, despite the recent production of 'IMO 2020 compatible fuels' by major global oil players. Oil & Gas IQ put forward that these 2020 compatible fuels are unlikely to be a feasible option to meet targets beyond the emissions deadline and argued that alternatives such as fuel oil and marine gas oil also aren't a sensible choice as they have higher levels of emissions than LNG.
Ensuring the consistent and effective implementation of IMO 2020 global limit of 0.50% mass by mass for sulphur in fuel oil used on board ships is a currently a critical priority for shipping providers. LNG adoption provides a practical solution for meeting the 2020 IMO sulphur cap, as its CO2 emissions are approximately 25% lower than fuel oil and marine gas oil. Oil & Gas IQ's article states that when considering LNG as a transition fuel, it is the only viable choice for the generation of ships being used today and over the next decade.
The article explores a number of alternative fuels including Bio Fuels, Methanol, Ethanol, Hydrogen, Ammonia, and electricity in batteries, but of these alternatives, only methanol, electricity and hydrogen have been seriously taken into consideration. Despite the fact that LNG is unlikely to be able to meet the 2050 targets, the article comments that companies should not delay investing in LNG because, 'It will take decades before we have the good alternative available.'
"It is important to note that the issue of carbon emissions is still relatively new, and there is considerable uncertainty surrounding the move to new alternative fuels. Many of these alternative fuels being looked at post-2020, despite their benefits, are still far from being considered viable solutions." - Jessica Bayley, Oil & Gas IQ.
Oil & Gas IQ do concede that the downside of LNG is that it cannot currently be used to meet 2050 targets and therefore when looking at much longer term plans, alternative fuels are likely to be needed. However, for shipping companies looking to reduce their emissions over the next decade, they advise that it would be imprudent not to consider LNG as a viable alternative.
The LNG Bunkering Summit 2019, will assess alternative shipping fuel concepts and their feasibility both in regard to ROI, operational efficiency and environmental impact.
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For more information or to reserve your place at the LNG Bunkering Summit call +44(0)207-036-1300 or email enquire@iqpc.co.uk
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