OGCI welcomes IEA call to urgently eliminate methane emissions from oil and gas

Oil plant
Oil plant

The IEA’s Global Methane Tracker 2023 draws on readings from satellites and ground-based measurements to show that methane emissions from the energy sector remain at near record levels. It calls for greater industry action and points to oil and gas methane emissions as “one of the best near-term opportunities for climate action”.

Reacting to the latest Tracker, OGCI’s Executive Committee Chair Bjorn Otto Sverdrup said:

Bjorn Otto

“The IEA is right to point out that there’s a huge opportunity to cut methane emissions from the oil and gas sector and much of the technology to do that already exists.

“Eliminating methane emissions from oil and gas operations is one of the quickest ways to meet the Paris Agreement targets and OGCI has already shown strong industry leadership on this critical issue. OGCI’s members have already collectively reduced upstream methane emissions by 40% since 2017.

“And the Aiming for Zero initiative we launched last year is helping to steer the wider oil and gas industry toward further methane reductions by shifting the industry’s mindset to treat emissions of the gas as seriously as the industry treats safety.”

Background

  • The Oil and Gas Climate Initiative is a CEO-led organization bringing together 12 of the largest companies worldwide to lead the oil and gas industry’s response to climate change. It aims to accelerate action towards a net zero emissions future consistent with the Paris Agreement. Together, OGCI member companies represent almost 30% of global oil and gas production.
  • The Aiming for Zero Methane Emissions Initiative already has over 70 signatories and supporters, including many of the world’s leading oil and gas companies, service companies and consultancies.
  • OGCI members’ 40% reduction in absolute upstream methane emissions from 2017 is equivalent to taking over 3 million cars off the road for a year.
  • Read more about our decarbonization efforts in our Annual Progress Report
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