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Oil And Gas Giants Set A Goal To Reduce Greenhouse Gas Emissions By 2025

Oil And Gas Giants Set A Goal To Reduce Greenhouse Gas Emissions By 2025

Members of the Oil and Gas Climate Initiative (OGCI) have set a goal to reduce the average carbon intensity of oil and gas operations to 20-21 kg of carbon dioxide equivalent per barrel of oil equivalent (CO2e/boe) by 2025, relative to the baseline of 23 kg in 2017, according to the message of the Association.

"This goal represents a reduction of 36 to 52 million tons of CO2 equivalent per year by 2025, subject to constant levels of oil and gas production, which is equivalent to CO2 emissions from energy consumption in 4-6 million homes," the press release said.

The target includes reducing both CO2 and methane emissions from oil and gas exploration and production. The intensity of emissions will be calculated as the share of oil and gas sold.

To contribute to reducing greenhouse gas emissions, OGCI member companies will take several measures, including working to improve energy efficiency, use electricity from renewable sources, and capture, store and recycle carbon.

Companies are going to report on their results annually, and this data will be evaluated by the EY auditor as an independent third party. Even though the goals for reducing methane emissions are included in the targets for reducing greenhouse gas emissions, OGCI will continue to report separately on progress in reducing methane intensity, the press release notes.

OGCI was established in 2014 to take collective action to combat climate change and enhance the global response. It currently includes 12 companies: BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell, and Total.