Upstream collective sets new emissions reduction target

The Oil and Gas Climate Initiative (OGCI) has set a target of reducing the carbon intensity of its member companies’ upstream oil and gas operations to between 20 kg and 21 kg CO₂e/boe by 2025.

Their collective baseline in 2017 was 23 kg CO₂e/boe.

According to the OGCI, the new range is consistent with the reduction needed throughout the oil and gas industry by 2025 to support the goals of the Paris Agreement.

It represents a reduction of 36-52 MM metric tons of CO₂e per year by 2025, assuming constant levels of marketed oil and gas production during that period.

The target applies to CO₂ and methane emissions from OGCI member companies’ operated upstream oil and gas E&P activities, and emissions from associated imports of electricity and steam.

OGCI member companies are already implementing various measures in their own operations, including improvements to energy efficiency, reduced methane emissions, minimising flaring, electrifying operations using renewable electricity (where possible), co-generating electricity and excess heat, and carbon capture, utilisation and storage.

Their combined carbon intensity will be reported on an annual basis, with EY reviewing the data as an independent third party.

Source: Offshore Magazine