First Australasian Co Signs OGCI Initiative

First Australasian Co Signs OGCI Initiative
By signing the initiative, Woodside outlined that it is committing to striving to reach near-zero methane emissions from its operated assets by 2030.

Woodside Energy Ltd revealed Friday that it became the first Australasian company to sign the Oil & Gas Climate Initiative’s (OGCI) Aiming for Zero Methane Emissions Initiative.

By signing the initiative, Woodside outlined that it is committing to striving to reach near-zero methane emissions from its operated assets by 2030. The company outlined that other key focus areas of action in the initiative include:

  • Putting in place all reasonable means to avoid methane venting and flaring, and to repair detected leaks, while preserving the safety of people and the integrity of operations.
  • Reporting annually and transparently on methane emissions.
  • As technology evolves, supplementing methane emissions estimates with more monitoring and measurement technologies, and introducing new solutions to avoid methane emissions.
  • Supporting the implementation of sound regulations to tackle methane emissions and encouraging governments to include methane emissions reduction targets as part of their climate strategies.

Woodside highlighted that its 2021 methane emissions were less than 0.1 percent of its production by volume, which the business noted is below the OGCI’s aim to reduce the average methane intensity of aggregate upstream oil and gas operations from 0.3 percent in 2017 to well below 0.2 percent by 2025.

“Minimizing methane emissions has historically been a priority for Woodside,” Woodside CEO Meg O’Neill said in a company statement.

“For example, frontline engineering, operations and maintenance staff are empowered to understand and act on methane emissions to support a sustainable ‘find and fix’ philosophy that can be implemented by site personnel. Looking forward we are further refining methane action plans for our operated assets and trialing quantitative measurement of methane emissions,” O’Neill added in the statement.

“Signing this initiative is an example of our commitment to meeting our own emissions reduction targets, and to encouraging our entire industry to join this effort,” O’Neill continued.

OGCI Executive Committee Chair Bjørn Otto Sverdrup said, “I am delighted Woodside Energy has joined the Aiming for Zero Methane Emissions Initiative”.

“Woodside’s commitment further strengthens the initiative, sending a clear signal that the time for incremental change is past,” Sverdrup added.

The OGCI is a CEO-led initiative that aims to accelerate the industry response to climate change. By signing the agreement, Woodside joins Aramco, BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell and TotalEnergies, Woodside highlighted.

Earlier this month, Saipem and Schlumberger both announced their support for the Aiming for Zero Methane Emissions Initiative, OGCI’s website revealed. Last month, the OGCI site outlined that Vår Energi, Aibel and industry association Offshore Norge all pledged to work towards achieving near zero methane emissions from operated oil and gas assets by 2030.

Ex-BP boss Bob Dudley is the Chairman of the OGCI and leads the CEO Steering Committee. He served as President and CEO of BP from 2010 until 2020.

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