Jul 16, 2020
The Oil and Gas Climate Initiative (OGCI), a group made up of large oil companies to respond to the O&G industry’s global change, announced today a new emission reduction target. The consortium aims to reduce from 20 kg to 21 kg of CO2 for each barrel of equivalent oil sold in the upstream operations until 2025.
The target number takes into account a collective baseline of 23 CO2e / boe recorded in 2017. According to the group, this could represent a reduction between 36 and 52 million tons of CO2e per year for the next five years. This volume is equivalent to the CO2 emissions generated between 4 and 6 billion homes by using energy.
Actions by OGCI companies to achieve this reduction include improving energy efficiency, reducing methane emissions, minimizing flaring, electrifying operations through the use of renewable electricity where possible, co-generating electricity and useful heat and applying carbon capture, use and storage.
Petrobras, which joined the group in January 2018, recalled that it has committed to zero growth in absolute operational emissions in the coming years. “In the last decade, actions related to carbon intensity in exploration and production activities have led to an increase of about 40% in Petrobras’ oil and gas production without increasing absolute emissions in this area,” he said in a statement.
“Together we are increasing the speed, scale and impact of our actions to tackle climate change, while the world expects a zero net emissions index as soon as possible,” said the CEOs of the group’s companies. OCGI is formed by BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and Total.