Highlights
42.2 Mboe/day
Total operated oil and gas production in 2024
25%
of global oil and gas production in 2024
34%
Share of natural gas in operated portfolio in 2024
Oil and gas production at 42.2 Mboe/day in 2024
Summary
In 2024, aggregate operated oil and gas production from OGCI’s 12 member companies was 3% higher year-on-year at 42.2 Mboe/day. OGCI member companies produced 25% of global oil and gas from operated assets in 2024.1
The increase in operated oil and gas production was driven by four companies, thanks in part to acquisitions at two companies, a change in operational control at a third company and new wells and startups at a fourth company.
This helped offset a decrease in operated production at four companies, driven by divestments, maintenance stops and a natural decline in production at one company.
Operated oil production increased 2% compared with the previous year, while operated gas production was 3% higher.
Operated gas production was higher, primarily due to acquisitions at three companies and a significant increase in output at one company.
Notes:
1 Provisional estimate of global oil and gas production of approximately 166 Mboe/day in 2024, based on IEA indicators for oil production of 97.2 Mboe/day and global natural gas production of 68.5 Mboe/day. OGCI member companies’ share of total oil and gas production is 25.4% on an operated basis and 21.5% on an equity basis. Source: IEA Oil Market Report (January 2025), IEA Gas Market Report Q1 2025.
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Overview Table
| OGCI indicators | Units | 2017 | 2018 | 2019 | 2020 | 2021 | 2022i | 2023i | 2024 | 2023-2024 | 2017-2024 |
| Total OGCI oil and gas production (operated) | Mboe/day | 45.0 | 45.6 | 45.8 | 43.5 | 43.5 | 42.2 | 41.3 | 42.2 | 3% | -6% |
| Total OGCI oil production (operated) | Mboe/day | 29.8 | 29.9 | 29.7 | 28.4 | 27.9 | 27.8 | 27.3 | 27.8 | 2% | -7% |
| Total OGCI gas production (operated) | Mboe/day | 15.2 | 15.7 | 16.1 | 15.1 | 15.6 | 14.4 | 14.0 | 14.4 | 3% | -5% |
| Share of natural gas in operated portfolio | % | 34% | 34% | 35% | 35% | 36% | 34% | 34% | 34% | 1% | 1% |
| Total oil and gas production (equity) | Mboe/day | 42.5 | 42.4 | 42.9 | 41.6 | 41.1 | 41.7 | 41.0 | 35.7
(11) |
-13% | -16% |
All reported data is the aggregate for 12 companies unless otherwise stated in the tables
Notes:
- 2022 and 2023 data restated.
Total operated oil production (Mboe/day)
Total operated gas production (Mboe/day)
Share of natural gas in operated portfolio (%)
Total equity oil and gas production (Mboe/day)
Low-carbon R&D as a share of total R&D spend (%)
Highlights
17.2 kgCO2e/boe
Upstream carbon intensity in 2024
-24%
Upstream carbon intensity 2024 vs 2017
304 MtCO2e
Upstream operated
Scope 1 and 2 GHG emissions in 2024
Upstream carbon intensity down 24% since 2017
Summary
In 2024, OGCI’s member companies were close to achieving the group’s ambition to reduce upstream operated carbon intensity to 17.0 kg CO2e/boe by 2025.
In 2024, OGCI members’ aggregate upstream operated carbon intensity was 17.2 kg CO2e/boe, a 1% increase compared to the previous year and 24% lower than in 2017.
In 2024, OGCI members’ aggregate upstream operated Scope 1 and 2 GHG emissions were 304 Mt CO2e. This represents 0.5% of global GHG, using latest 2023 data from UNEP’S Emissions Gap Report published in 2024.1
In 2024, OCGI members’ aggregate upstream operated Scope 1 and 2 GHG emissions were 25% lower than in 2017 due to methane emissions reductions, energy efficiency investments, projects to reduce carbon emissions in exploration and production, and divestments.
Upstream operated Scope 1 GHG emissions were 260 Mt in 2024. The 1% decrease year-on-year was driven mostly by GHG reduction measures such as pneumatic device conversions, energy efficiency investments and carbon footprint reduction projects at four companies.
OGCI members’ aggregate upstream operated Scope 2 GHG emissions were 44.5 Mt, up 17% over the year. This was mainly due to more companies reporting this year than last.
In 2024, OGCI members’ total operated Scope 1 GHG emissions from all sectors (including upstream and downstream) was 543 Mt CO2e, a 3% decrease year-on-year.
OGCI members’ total operated Scope 1 GHG emissions from all sectors (including upstream and downstream) was 23% lower than in 2017.
Downstream, which accounts for around half of OGCI member companies’ aggregate Scope 1 GHG emissions, has shown slower progress than upstream, reflecting the complexity and longer timelines of emissions reduction efforts in refineries.
Notes:
1 Total GHG emissions excluding LULUCF was 57 Gt CO2e in 2023, UNEP’s latest Emissions Gap Report published in 2024, p. XII
View Tables and Charts
Overview Table
| OGCI indicators | Units | 2017 | 2018 | 2019 | 2020 | 2021 | 2022i | 2023i | 2024 | 2023-2024 | 2017-2024 |
| Upstream operated carbon intensityii | kgCO2e/boe | 22.7 | 22.1 | 21.3 | 20.4 | 19.2 | 19.4
(5) |
17.1
(7) |
17.2
(10) |
1% | -24% |
| Total operated GHG emissions – all sectors (Scope 1)iii | MtCO2e | 709 | 687 | 684 | 633 | 621 | 575 | 558 | 543 | -3% | -23% |
| Upstream operated GHG emissions (Scope 1)iv | MtCO2e | 362 | 349 | 343 | 311 | 298 | 268 | 261 | 260 | -1% | -28% |
| Upstream operated GHG emissions (Scope 2)v | MtCO2e | 41.4 | 43.5 | 43.7 | 39.4 | 38.2 | 37.9
(10) |
38.2
(10) |
44 | 17% | 7% |
All reported data is the aggregate for 12 companies unless otherwise stated in the tables
Notes:
i 2022 and 2023 data restated.
ii This is the key performance indicator for OGCI’s upstream carbon intensity ambition. It includes upstream carbon dioxide and methane emissions, both Scope 1 and 2, on an operated basis. It excludes emissions from gas liquefaction and gas-to-liquids. This indicator has been calculated with a mixed approach combining market-based and location-based methodologies with market-based priority from 2017 to 2021, and calculated using a market-based only approach from 2022.
iii Numbers are rounded. This figure includes direct (Scope 1) emissions of carbon dioxide, methane and nitrous oxide (for those companies that report it) from all operated activities (upstream as well as downstream, which includes refineries and petrochemicals). The methane emissions were converted to CO2 equivalent using different global warming potentials (GWP) depending on the company. Most of the companies applied a GWP of 30 (IPCC AR5) in 2024. Using the IPCC AR6 GWP of 29.8, the operated greenhouse gas emissions were 561 MtCO2e in 2023 and 544 MtCO2e in 2024.
iv Upstream activities comprise all operations from exploration to production and gas processing (up to the first point of sale), including LNG liquefaction plants if located before the first point of sale.
v Scope 2 emissions were not calculated in a homogenous way across companies from 2017-2021 as some used a location-based methodology and others used market-based. From 2022, Scope 2 emissions are disclosed using the location-based methodology.
Upstream operated carbon intensity (kgCO2/boe)
Total operated GHG emissions - all sectors (Scope 1) (MtCO2e)
Upstream operated GHG emissions (MtCO2e)
Upstream operated GHG Scope 2 (MtCO2e)
Highlights
429 MtCO2e
Scope 1 equity GHG emissions in 2024
46 MtCO2e
Scope 2 equity GHG emissions in 2024
0.45 MtCH4
Total equity methane emissions in 2024
Total equity GHG emissions (Scope 1)
Summary
This is the fourth year of OGCI published data on equity emissions in line with OGCI’s ambition of greater transparency in emissions reporting.
Equity reporting includes emissions from assets owned, even where they are operated by partners.
In 2024, total GHG emissions on an equity basis for Scope 1 and Scope 2 were 429 Mt CO2e and 46 Mt CO2e respectively. This was due to 10 companies reporting in 2024 compared with 11 in 2023.
In 2024, total Scope 1 equity GHG emissions decreased by 25% year-on-year due to the fact that one company did not report any data in 2024. Scope 2 equity GHG emissions were down 47% for the same reason.
Total methane emissions on an equity basis were 0.45 Mt of methane in 2024, a 51% decrease compared with the previous year as 9 companies reported in 2024 compared with 10 in 2023.
View Tables and Charts
Overview Table
| OGCI indicators | Units | 2017 | 2018 | 2019 | 2020 | 2021 | 2022i | 2023i | 2024 | 2023-2024 | 2017-2024 |
| Total equity GHG emissions (Scope 1) | MtCO2e | N/A | N/A | N/A | N/A | 562 | 596
(11) |
575
(11) |
429
(10) |
-25% | -24% |
| Total equity GHG emissions (Scope 2) | MtCO2e | N/A | N/A | N/A | N/A | 69 | 83
(11) |
86
(11) |
46
(10) |
-47% | -34% |
| Total equity methane emissions | MtCH4 | N/A | N/A | N/A | N/A | 1.13 | 0.95
(9) |
0.92
(10) |
0.45
(9) |
-51% | -60% |
| Equity methane emissions – upstream | MtCH4 | N/A | N/A | N/A | N/A | 1.09 | 0.91
(11) |
0.85
(11) |
0.39
(9) |
-54% | -64% |
Note: No published data available before 2021
All reported data is the aggregate for 12 companies unless otherwise stated in the tables
Notes:
i 2022 and 2023 data restated. OGCI began publishing equity emissions data in 2023, starting with 2021 data.
Total equity GHG emissions (Scope 1) (MtCO2e)
Total equity GHG emissions (Scope 2) (MtCO2e)
Total equity methane emissions (MtCH4)
Total equity methane emissions – upstream (MtCH4)
Highlights
0.12%
Upstream methane intensity in 2024
-62%
Upstream methane intensity 2024 vs 2017
-63%
Total operated upstream methane emissions 2024 vs 2017
Upstream methane intensity down 62% since 2017
Summary
OGCI members reported an aggregate upstream operated methane intensity of 0.12% in 2024, as the group’s methane intensity continued to trend lower due to measures taken by the companies.
OGCI members’ aggregate upstream operated methane intensity is 62% lower compared with 2017.
OGCI members had already achieved their collective methane intensity ambition of well below 0.20% in 2021 – four years early.
In 2024, upstream operated methane emissions were 0.73 Mt of methane. This represents a 16% decrease compared with 2023 and a 63% decrease compared with 2017.
The year-on-year reduction is mainly a result of the continuation of methane reduction projects that include conversion of pneumatic devices, and flaring reduction projects.
The upstream sector accounted for around 93% of OGCI member companies’ total methane emissions in 2024. Venting and fugitive emissions accounted for about 25% of total aggregated upstream methane emissions.
OGCI member companies are working to reach near zero methane emissions from their operated assets by 2030. They are sharing what they are learning about detection, measurement and abatement across the industry.
View Tables and Charts
Overview Table
| OGCI indicators | Units | 2017 | 2018 | 2019 | 2020 | 2021 | 2022i | 2023i | 2024 | 2023-2024 | 2017-2024 |
| Upstream operated methane intensityii | % | 0.30 | 0.25 | 0.23 | 0.21 | 0.17 | 0.15 | 0.14 | 0.12 | -20% | -62% |
| Total operated methane emissions – all sectorsiii | MtCH4 | 2.10 | 1.90 | 1.70 | 1.40 | 1.25 | 1.01 | 0.95 | 0.78 | -17% | -63% |
| Total operated methane emissions – upstream | MtCH4 | 1.95 | 1.70 | 1.60 | 1.30 | 1.16 | 0.95 | 0.87 | 0.73 | -16% | -63% |
All reported data is the aggregate for 12 companies unless otherwise stated in the tables
Notes:
i 2022 and 2023 data restated.
ii This is the key performance indicator for OGCI’s 2025 upstream methane ambition of well below 0.20%. It includes total upstream methane emissions from all operated gas and oil assets. Emissions intensity is calculated as a share of marketed gas.
iii This figure includes relevant operated activities (upstream, refineries, petrochemicals, power generation, etc).
Upstream operated methane intensity (%)
Total operated methane emissions - all sectors (MtCH4)
Total operated methane emissions - upstream (MtCH4)
Highlights
-53%
Upstream flaring intensity 2024 vs 2017
-72%
Total routine flared gas upstream 2024 vs 2018
-55%
GHG emissions from upstream flaring 2024 vs 2017
Routine gas flared volumes down 72% since 2018
Summary
OGCI member companies continued to reduce flaring volumes and related greenhouse gas emissions from flaring in 2024, in line with their ambition to end upstream routine flaring by 2030.1
In 2024, OGCI members’ aggregate upstream flaring intensity was 9% lower year-on-year due to a 7% decrease in volumes of natural gas flared upstream and a 17% decrease in routine gas flared volumes in the same period.
The year-on-year decrease in volumes of natural gas flared upstream was driven by divestments, a reduction in upstream routine flaring, better performance of assets and fewer outages for two companies and extensive maintenance at fields and plants at one company.
Routine gas flared volumes are down 72% since 2018 due to improved production practices, such as flaring reductions for targeted assets, flare gas recovery systems, additional gas compression and capture projects.
In 2024, GHG emissions from upstream flaring were 3% lower than in 2023 and 55% lower than in 2017.
In 2024, upstream flaring intensity was 53% lower than in 2017.
Notes:
1 Per World Bank Zero Routine Flaring by 2030 initiative. www.worldbank.org/en/programs/zero-routine-flaring-by-2030
View Tables and Charts
Overview Table
| OGCI indicators | Units | 2017 | 2018 | 2019 | 2020 | 2021 | 2022i | 2023i | 2024 | 2023-2024 | 2017-2024 |
| Upstream flaring intensityii | Mm3/Mtoe | 10.8 | 9.5 | 9.2 | 7.6 | 7.4 | 5.6 | 5.6 | 5.1 | -9% | -53% |
| Total natural gas flared – upstream | Mm3 | 24,221 | 21,465 | 20,998 | 16,490 | 15,998 | 11,749 | 11,531 | 10,748 | -7% | -56% |
| Total routine gas flared – upstream | Mm3 | N/A | 5,636
(10) |
4,871
(10) |
4,250
(11) |
4,165 | 2,187
(11) |
1,892
(11) |
1,568
(11) |
-17% | -72%iii |
| Flaring GHG emissions – upstream | MtCO2e | 62 | 57 | 55 | 44 | 42 | 30 | 28 | 28 | -3% | -55% |
All reported data is the aggregate for 12 companies unless otherwise stated in the tables
Notes:
i 2022 and 2023 data restated.
ii Upstream flaring intensity is calculated on the basis of the volume of gas flared per million tonnes of oil equivalent produced on an operated basis.
iii Percentage reduction is from 2018, the first year data was published for this metric.
Upstream flaring intensity (Mm3/Mtoe)
Total natural gas flared - upstream (Mm3)
Total routine gas flared – upstream (Mm3)
Flaring GHG emissions – upstream (MtCO2e)
Highlights
$30 billion
Total low-carbon investment in 2024 (includes low-carbon projects, acquisitions and R&D)
$125 billion
Cumulative low-carbon investment since 2017
+19%
R&D spend 2024 vs 2023
Low-carbon investment up five fold since 2017
Summary
In 2024, OGCI member companies’ aggregate low-carbon investment, including acquisitions, and research and development (R&D) totaled $30 billion.
This figure reflects a 13% increase year-on-year in investment in low-carbon projects and a 19% increase in low-carbon R&D as spending on acquisitions fell.
Investment in CCUS continued to grow with some companies concentrating on the technology as part of their strategies to reduce emissions.
R&D spending on low-carbon technologies increased 19% in 2024 versus the previous year to $2.3 billion and comprised 39% of total R&D spend.
Since 2017, OGCI member companies’ cumulative investment in low-carbon technologies and projects, including investment, R&D and acquisitions, amounted to $125 billion.
View Tables and Charts
Overview Table
| OGCI indicators | Units | 2017 | 2018 | 2019 | 2020 | 2021 | 2022i | 2023i | 2024 | 2023-2024 | 2017-2024 |
| Total invested in low-carbon projectsii | $ billion | 4.0 | 5.0 | 4.0 | 5.2 | 5.6 | 9.7
(11) |
21.5
(11) |
24.3 | 13% | 508% |
| Total invested in low-carbon acquisitions | $ billion | 0.3
(5) |
0.9
(5) |
1.1
(9) |
1.6
(9) |
7.7
(9) |
13.2
(10) |
7.1
(9) |
3.5
(7) |
-51% | 1232% |
| R&D expenditures on low-carbon technologiesiii | $ billion | 0.7
(9) |
1.0
(9) |
1.0
(9) |
0.8
(11) |
1.3
(11) |
1.6
(11) |
2.0
(11) |
2.3
(11) |
19% | 234% |
| Low-carbon R&D as a share of total R&D investment | % | 19%
(9) |
15%
(9) |
15%
(9) |
12%
(11) |
17%
(11) |
30%
(11) |
35%
(11) |
39%
(11) |
9% | 104% |
All reported data is the aggregate for 12 companies unless otherwise stated in the tables
Notes:
i 2022 and 2023 data restated.
ii Low-carbon energy technologies include but are not limited to wind, solar and other renewable energies, carbon-efficient energy management, CCUS, blue and green hydrogen, biofuels, synfuels, energy storage and sustainable mobility.
iii R&D spending is additional to investment.