At the fourth annual meeting of the Oil and Gas Climate Initiative (OGCI) in New York City, CEOs of OGCI’s 10 existing member companies and the three newly-joined members, discussed the industry’s approaches to decrease greenhouse gas emissions with key stakeholders. The OGCI also unveiled plans to reduce the collective, average methane intensity of members’ core upstream oil and gas operations to below 0.25 percent by 2025, with the ambition of reaching 0.2 percent corresponding to a reduction by one third.

Amin Nasser, Saudi Aramco President and CEO, commented: “The climate change challenge has become one of the most important challenges facing humanity in our modern world. There is not one single entity, regardless of its influence, that can confront this challenge without collaboration and cooperation from various stakeholders. Thus, today’s announcement by the OGCI further reaffirms the ambition of its members of major oil and gas companies, to be part of the global solution to addressing the climate challenge. Saudi Aramco recognises the power of collaboration and partnerships and through the OGCI’s Climate Investments, we are harnessing our collective resolve, as well as our resources, talents and technologies, to find concrete solutions and accelerate the deployment of ground-breaking technologies across various industries.”

Announced in November 2016, OGCI Climate Investments (OGCI CI) aims to accelerate the deployment of new technologies for carbon capture use and storage and methane detection and mitigation among member companies and beyond. It will also identify ways to cut the energy intensity of both transport and industry. Working in partnership with like-minded initiatives across all stakeholder groups and sectors, the OGCI CI believes its emission reduction impact can be multiplied across industries.

According to a recent study published in the journal Science, which analysed emissions from nearly 9,000 actively-producing oil fields in 90 countries, Saudi Arabia’s crude oil production has one of the lowest carbon emissions per barrel globally.

Saudi Aramco is developing and deploying cutting-edge technologies that not only reduce emissions from our operations – but also reduce the carbon footprint of our products with a focus on higher efficiency transportation fuels and technologies, direct conversion of crude to chemicals and conversion of CO2 into useful products.

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28th September 2018

28th September 2018