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Environment

Copyright © 2021 Energy Intelligence Group

A group made up of a dozen of the biggest players in the global oil and gas industry has declared a shared goal of working toward net-zero greenhouse gas emissions. The move marks the first such joint commitment by the Oil and Gas Climate Initiative (OGCI), whose members include Saudi Aramco, Royal Dutch Shell, Petrobras and China National Petroleum Corp. (CNPC). The group — founded in 2014 — said this week that its members "share the ambition to achieve net-zero emissions from operations under their control, within the time frame set by the Paris Agreement." They have also agreed to "leverage their influence" to achieve net-zero emissions from their nonoperated assets. Such emissions caused by an oil and gas company's own operations are referred to as Scope 1 and 2 emissions. The OGCI has raised the bar on two key near-term metrics: Methane intensity and carbon intensity. Members now target methane emissions intensity of well below 0.20% of their upstream production volumes by 2025, versus 0.30% in 2017, after already hitting the 0.20% mark last year. They also target upstream greenhouse gas emissions of 17 kg per boe by 2025, down from a previous target of 20 kg and an actual result of 19.5 kg for the group last year.

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