Petrobras Aligns With OGCI Strategy And Commits To Net-Zero
Brazilian giant Petrobras has announced its ambition to achieve emission neutrality in activities under its control, in a timeframe compatible with the one established by the Paris Agreement.
Petrobras said that it would also influence its partners to achieve the same goal in oil and gas fields in which the company is a partner but not in charge of the operation.
This move is in line with the new strategy of the 12 member companies of the Oil and Gas Climate Initiative (OGCI), a consortium Petrobras has been part of since 2018. Together, these companies represent about 30 percent of global oil and gas production and collaborate to accelerate the transition to low carbon.
In a statement on Monday, the OGCI said that it updated its 2025 carbon and methane emission intensity targets, with a potential additional saving of around 50 million tons of greenhouse gases per year.
OGCI’s new strategy will see the reduction of upstream methane emissions to well below 0.20 percent by 2025, bringing carbon intensity from upstream operations down to 17.0 kg of CO2 per barrel of oil equivalent and bringing routine flaring to zero by 2030. By 2025, this could bring an additional reduction of around 50 million tons of CO2 equivalent per year
Apart from Petrobras, the OGCI consists of BP, Chevron, Aramco, Eni, CNPC, ExxonMobil, Equinor, Shell, TotalEnergies, Repsol, and Occidental.
"Over the past 11 years, the company has improved its carbon efficiency in oil exploration and production by 47 percent and established itself as one of the most efficient oil and gas producers in the world. To continue advancing in the reductions we are also planning to establish a program focused especially on accelerating decarbonization," Petrobras' Institutional Relations and Sustainability director Roberto Ardenghy said.
Petrobras added it would proceed on this path, contributing to the Paris Agreement and maintaining its competitiveness as a low-cost, low-carbon oil and gas producer.
In its Strategic Plan 2021-2025, Petrobras foresees investments of $1 billion in sustainability commitments, regarding the decarbonization of operations, the development of more sustainable fuels, such as renewable diesel and aviation biokerosene, and research in renewable energy and low-carbon solutions.
The Paris Agreement, signed in 2015 by nearly 200 countries, including Brazil, incentivizes the adoption of climate policies aimed at reducing greenhouse gas emissions, to limit the average global temperature increase to less than 2°C above pre-industrial levels by the end of the century.
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