OGCI reports significant progress on aggregate upstream methane and carbon intensity targets
OGCI achieves collective average upstream methane intensity target of 0.25% and aims for its ambition of 0.20%
OGCI members make progress in reducing upstream carbon emissions and set sights on collective upstream carbon intensity target
The Oil and Gas Climate Initiative (OGCI) today announced its aggregate performance data for 2019. It shows the collective upstream methane and carbon intensity of member companies’ aggregated upstream oil and gas operations stand at 0.23% and 21.1 kg CO2e/boe respectively, a significant reduction in intensity for both metrics compared to 2018.
OGCI, having surpassed the original collective average upstream methane intensity target of 0.25%, will now aim to lower methane intensity to 0.20% by 2025. The progress to date represents a 22% reduction in absolute upstream methane emissions since 2017.
OGCI also announced significant progress against its recently launched collective upstream carbon intensity target, which included a target range of between of between 20 kg and 21 kg CO2e/boe by 2025. Actions by member companies resulted in a 7% reduction in collective average upstream carbon intensity since 2017 to 21.1 kg CO2e/boe in 2019. This progress involved reducing absolute upstream (Scope 1 and 2) emissions by 21 million tonnes of CO2e – equivalent to eliminating the emissions from energy use of 2.4 million US homes.
OGCI member companies are now focused on achieving the lower-end 20 kg CO2e/boe target. Achieving this would mean a reduction of 13% in carbon intensity against the 2017 baseline.
“We are on track to meet our 2025 ambitions. The progress to date is the result of member companies’ targeted work on emissions reduction and a variety of decarbonization measures” said Jerome Schmitt, Chairman of OGCI’s Executive Committee.
Continuing, Mr Schmitt said: “Setting targets that are challenging but achievable is always tough – especially across so many diverse member companies. Nevertheless, targets are helpful because they focus minds, accelerate action, and inspire others in our sector and across our value chains. This progress strengthens our foundations to keep challenging and improving our collective actions.”
OGCI wants to play an active role in contributing to climate change solutions through collective and practical actions and engagement with our stakeholders. The data released today is part of our improved methodology and auditing process.
ABOUT THE OIL AND GAS CLIMATE INITIATIVE:
The Oil and Gas Climate Initiative is a CEO-led initiative that aims to accelerate the industry response to climate change. OGCI member companies explicitly support the Paris Agreement and its goals. As leaders in the industry, accounting for over 30% of global operated oil and gas production, we aim to play an active role in shaping the global pathway to net zero emissions. We do this by leveraging the collective strengths of OGCI, continually improving, and building on good international corporate practices to reduce greenhouse gas emissions and accelerate transitions to a low-carbon future.
Our members collectively invest over $7B each year in low carbon solutions. OGCI Climate Investments, our $1B+ fund, invests in solutions to decarbonize sectors like oil and gas, industrials, and commercial transport. OGCI includes BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and Total.
To learn more about OGCI, please visit https://oilandgasclimateinitiative.com/
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