This near-term target covers both carbon dioxide and methane emissions from operated oil and gas exploration and production activities, as well as emissions from associated imports of electricity and steam.
Aggregate greenhouse gas emissions represented 590 Mt CO2 equivalent in 2022. Most of that is accounted for by carbon dioxide emissions, since OGCI member companies already have relatively low methane intensity levels. Over three-quarters of upstream carbon dioxide emissions in OGCI member companies come from energy production and use.
Reducing upstream carbon intensity relies on all member companies putting effective decarbonization measures in place. This involves improving energy efficiency, electrification of operations using renewable power where possible, co-generating electricity and useful heat, stopping zero routine flaring by 2030, and achieving near zero methane emissions. Changes in companies’ asset portfolios also impact intensity.
