The Oil and Gas Climate Initiative (OGCI) has set its first collective methane reduction target to below 0.25 percent or one fifth by 2025, with the ambition to achieve 0.20 percent, corresponding to a reduction by one third.
The methane intensity refers to the methane that gets lost in the atmosphere when producing oil and gas, as a percentage of the gas sold. This effort represents a significant milestone in tackling a key issue in the fight against climate change and underlines OGCI’s stance in working together to support the goals of the Paris Agreement.
Achieving the agreed intensity target of 0.25 percent by the end of 2025 would reduce collective emissions by 350,000 tonnes of methane annually, compared to the baseline of 0.32 percent in 2017. OGCI will seek to go beyond this target, to achieve as much as one-third reduction in the same timeframe.
“Our aim is to work towards near zero methane emissions from the full gas value chain in support of achieving the goals of the Paris Agreement. We have worked to make our ambition concrete, actionable and measurable, helping to ensure that natural gas can realise its full potential in a low-emissions future,” the heads of the OGCI member companies said.
This methane target comes as OGCI welcomes Chevron Corporation, Exxon Mobil Corporation, and Occidental Petroleum, three U.S. majors that together represent 5 percent of global oil and gas production, to the initiative.
The new OGCI members support the collective methane reduction target and are aligned with OGCI collective goals, including recognition and support of the Paris Agreement, collective reporting, and a commitment to the aims of Zero Routine Flaring by 2030. They reinforce the capacity of OGCI’s work programs and share OGCI’s focus on developing a collective roadmap on carbon capture, use and storage. In addition, each will commit $100m to the OGCI Climate Investments fund.
In order to expand its global impact, OGCI Climate Investments has jointly announced with CNPC (the Chinese National Petroleum Corporation) that they are partnering to create OGCI Climate Investments China, an investment fund focused on China.
For more information visit: www.oilandgasclimateinitiative.com
25th September 2018