The Aiming for Zero Methane Emissions Initiative is gaining momentum, with Norwegian producer Vår Energi, services company Aibel and the industry association Offshore Norge all pledging to work towards achieving near zero methane emissions from operated oil and gas assets by 2030.
Fifty companies from across the oil and gas industry are now working to eliminate the sector’s methane footprint.
Vår Energi, Aibel and Offshore Norge announced their commitment at the ONS conference in Stavanger.
Bjørn Otto Sverdrup, chairman of the Oil & Gas Climate Initiative (OGCI), said: “By joining the initiative, Vår Energi, Aibel and Offshore Norge are declaring that they share the ambition to eliminate methane emissions from the oil and gas industry.
“Their presence strengthens the initiative and sends a clear signal that the time for incremental change is past.”
The Aiming for Zero Methane Emissions Initiative was launched in March 2022 by the CEOs of the OGCI member companies – Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell and TotalEnergies.
All energy companies involved in the exploration, extraction and/or production of oil or natural gas can join as signatories. Other organizations striving to help reduce methane emissions from the oil and gas industry can join as supporters.
Companies joining the Initiative agree to do what it takes to reach near zero methane emissions in their operations, reporting transparently, adopting better monitoring and measurement technologies and supporting the implementation of sound regulations. The initiative’s all-in approach treats methane emissions as seriously as the industry already treats safety.
Methane, which leaves the atmosphere faster than carbon dioxide but packs a bigger warming punch, is responsible for 30% of the rise in global temperatures since the start of the Industrial Revolution, according to the International Energy Agency (IEA).
In 2021 oil and gas production was responsible for 22% of global man-made methane emissions. IEA data show that methane emissions from the energy sector lagged overall growth in energy use last year, but they still grew by about 5%.
The Aiming for Zero Methane Emissions Initiative recognizes that virtually all methane emissions from the industry can and should be avoided. It was developed by members of the OGCI, a CEO-led group that aims to speed up the industry’s response to climate change.
The initiative supplements important multi-stakeholder initiatives, such as the Methane Guiding Principles, the Oil and Gas Methane Partnership 2.0 and the Global Methane Alliance.
There are 16 signatories and 34 supporters of the initiative. As well as the OGCI member companies, signatories include the world’s largest LNG exporter, QatarEnergy, and upstream gas producer, Wintershall. The initiative’s supporters include energy technology giant Baker Hughes, Australian-American engineering company Worley and industry association IPIECA.