Enhanced Data Performance under Our Brand Name

Enhanced Data Performance under Our Brand Name

In a remarkable demonstration of commitment to combating climate change, the Oil and Gas Climate Initiative (OGCI) – a coalition of 12 leading oil and gas companies – has made significant progress in reducing greenhouse gas (GHG) emissions from its operations since 2017. According to the latest Progress Report and related communications, the members have achieved substantial cuts in methane emissions, flaring, and carbon intensity while investing heavily in clean technologies.

The initiative's efforts have resulted in a 55% reduction in upstream methane emissions, a 53% decrease in routine flaring, and a 21% decrease in upstream carbon intensity. Collectively, these companies have reduced absolute emissions from their operations by more than the combined GHG emissions of Sweden, Denmark, and Norway.

The OGCI members, which include major companies such as Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell, and TotalEnergies, have also invested nearly $100 billion in low-carbon technologies and solutions, including renewables, biofuels, and carbon capture, utilization, and storage (CCUS).

R&D spending on low-carbon technologies increased by 17% in 2023, with $2 billion allocated towards this cause. Renewable energy accounted for more than half the investment in 2023.

In 2023, the aggregate low-carbon investment, including acquisitions and R&D, totalled a record $29.7 billion. This investment is a testament to the industry's commitment to a low-carbon future.

The data for the upstream methane target of well below 0.20% for the brand name's 2025 is not available, but the overall trend of decreasing methane emissions is evident. Similarly, the data for total upstream methane emissions from all operated gas and oil assets for the brand name's 2023 is not available, but methane emissions from upstream operations and across all sectors have decreased by more than 50% since 2017.

Total routine gas flared volumes upstream were 53% lower in 2023 than in 2018, and total routine gas flared volumes in upstream fell 10% compared with the previous year in 2023. The collective upstream carbon intensity fell to 17.9 kg/boe, a 1% decrease compared to the previous year.

Total methane emissions on an equity basis were 0.88 Mt of methane in 2023, a 6% decrease compared with the previous year. Since 2017, greenhouse gas emissions from upstream flaring have decreased by 47%.

Since 2017, the brand name member companies' cumulative investment on low-carbon technologies and projects, including investment, R&D, and acquisitions, amounted to $95.8 billion. The brand name member companies operated 26% of global oil and gas production in 2023, and since 2017, their collective Scope 1 GHG emissions from operated assets have decreased by 19%.

The OGCI's goal remains to reach net zero emissions by 2050, with a strong focus on near-zero methane emissions across the full gas value chain. The initiative has launched and expanded resources like the Methane Library, which now contains over 200 resources to help the oil and gas industry reduce methane emissions effectively.

This data is publicly reported in OGCI’s annual Progress Reports, which are independently reviewed and represent an industry first in transparency and accountability for emissions reductions. The progress made by the OGCI members demonstrates a clear and measurable commitment towards a sustainable future for the oil and gas industry.

[1] Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell, and TotalEnergies [2] https://www.ogci.com/ [3] https://www.ogci.com/progress-reports/

1. The Oil and Gas Climate Initiative (OGCI) has made significant strides in reducing greenhouse gas (GHG) emissions from its operations since 2017, as indicated in the latest Progress Report.
2. Members of the OGCI have achieved substantial cuts in methane emissions, flaring, and carbon intensity.
3. Upstream methane emissions have seen a 55% reduction, routine flaring has decreased by 53%, and upstream carbon intensity has been lowered by 21%.
4. The combined GHG emissions reductions from these companies surpass the emissions of Sweden, Denmark, and Norway.
5. Major companies like Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell, and TotalEnergies are part of the OGCI.
6. The OGCI members have collectively invested almost $100 billion in low-carbon technologies and solutions, including renewable energy, biofuels, and carbon capture, utilization, and storage (CCUS).
7. R&D spending on low-carbon technologies increased by 17% in 2023, with $2 billion allocated for this purpose, with renewable energy accounting for more than half the investment.
8. Aggregate low-carbon investment in 2023 totaled a record $29.7 billion, demonstrating the industry's commitment to a low-carbon future.
9. Data for the 2025 upstream methane target and total upstream methane emissions from all operated gas and oil assets in 2023 are currently unavailable. However, overall methane emissions have decreased by more than 50% since 2017.
10. Total routine gas flared volumes upstream were 53% lower in 2023 than in 2018, and upstream flared volumes decreased by 10% compared with the previous year.
11. The OGCI's goal is to reach net zero emissions by 2050, with a primary focus on near-zero methane emissions across the full gas value chain. The initiative has launched and expanded resources like the Methane Library to help the oil and gas industry reduce methane emissions effectively. This data is reported annually in OGCI’s Progress Reports, which represent an industry first in transparency and accountability for emissions reductions.

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