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Climate Initiative of Oil and Gas companies sets the first collective methane target for member companies
The Oil and Gas Climate Initiative (OGCI) has announced a 2025 target to reduce the collective average methane intensity of its aggregate oil and gas operations by one-fifth to below 0,25%, with an ambition to reach 0,20 %, corresponding to a reduction by one third. Methane intensity refers to what is lost to the atmosphere when producing oil and gas and the percentage of gas sold. This effort represents a significant milestone in addressing a key issue in the fight against climate change and underscores OGCI's position to work together to support the goals of the Paris Agreement.
Achieving the agreed intensity target of 0,25% by the end of 2025 would reduce collective emissions by 350.000 tonnes of methane per year compared to the baseline of 0,32% in 2017. The OGCI will seek to go beyond this target to achieve the maximum one-third reduction in the same time period. “Our aim is to work towards near-zero methane emissions from the entire gas value chain in support of achieving the goals of the Paris Agreement. We have been working to make our ambition concrete, actionable and measurable, helping to ensure that natural gas can realize its full potential in a low-emissions future,” said the leaders of OGCI member companies.
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The Oil and Gas Climate Initiative aims to increase the ambition, speed and scale of initiatives undertaken by its individual companies to help reduce greenhouse gas emissions, in particular from the production and use of oil and gas in energy, heating, industry and transport. Its $1 billion investment arm supports the development, deployment and expansion of low-emission technologies and business models. Launched in 2014, OGCI is now made up of 13 oil and gas companies: BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Pemex, Petrobras, Repsol, Saudi Aramco, Shell and Total.
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