OGCI Lays Down Carbon Intensity Target



OGCI Lays Down Carbon Intensity Target
The Oil and Gas Climate Initiative announced Thursday a target to reduce the collective average carbon intensity of its member companies' aggregated upstream oil and gas operations.

The Oil and Gas Climate Initiative (OGCI) announced Thursday a target to reduce the collective average carbon intensity of its member companies’ aggregated upstream oil and gas operations.

The target – which is between 20kg and 21kg CO2e per barrel of oil equivalent (boe) by 2025 from a collective baseline of 23kg CO2e/boe in 2017 – is said to be consistent with the reduction needed across the oil and gas industry by 2025 to support the Paris Agreement goals. The target represents a reduction of between 36 and 52 million tons of CO2e per year by 2025, assuming constant levels of marketed oil and gas production, according to the OGCI.

The organization noted that the target covers both carbon dioxide and methane emissions from OGCI member companies’ operated upstream oil and gas exploration and production activities, as well as emissions from associated imports of electricity and steam. The OGCI stated that it will be working on specific actions on emissions from liquefied natural gas and gas-to-liquids “to take their collective ambitions further”.

“Encouraged by the progress we have made towards our target on methane intensity, we have come together to reduce by 2025 the collective average carbon intensity of our aggregated upstream oil and gas emissions,” the CEOs of the OGCI member companies said in a joint statement.

“Together we are increasing the speed, scale, and impact of our actions to address climate change, as the world aims for net zero emissions as early as possible,” the CEOs added.

The OGCI is a CEO-led consortium that aims to accelerate the industry response to climate change. The OGCI member companies are said to account for over 30 percent of global operated oil and gas production. Member companies comprise BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and Total.

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