OGCI Revises Upstream Targets for 2025

The Oil and Gas Climate Initiative (OGCI) has announced that it has revised its collective upstream targets for 2025.

The organization’s carbon intensity target now aims to reduce the average carbon intensity of member companies’ aggregate upstream oil and gas operations from 23kg of greenhouse gases per barrel of oil equivalent in 2017 to 17kg by 2025. This target was changed from 20kg after members reported 19.5kg in 2020.

The OGCI also adjusted its methane intensity target, which now aims to reduce the average methane intensity of aggregate upstream oil and gas operations from 0.30 percent in 2017 to well below 0.20 percent by 2025, aiming for near zero methane emissions. Members reported an aggregate intensity of 0.20 percent last year, the OGCI highlighted.

Together, the OGCI’s latest revisions will bring an additional reduction of around 50 million tons of CO₂ equivalent per year, according to the organization.

Earlier this week, the OGCI outlined that all OGCI companies share the ambition to achieve net zero emissions from operations under their control, within the timeframe set by the Paris Agreement. The 12 companies will also leverage their influence to achieve the same in their non-operated assets, according to the OGCI.

The OGCI is a CEO led initiative that aims to accelerate the industry response to climate change. OGCI companies are said to account for almost 30 percent of global operated oil and gas production and are said to collectively invest over $7 billion each year in low carbon solutions. OGCI companies comprise Saudi Aramco, BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Royal Dutch Shell and TotalEnergies.

Based in London and Houston, the OGCI was launched in September 2014. Chevron, Occidental and ExxonMobil were the latest companies to join the group back in September 2018.

To contact the author, email andreas.exarheas@rigzone.com