OGCI sets first collective methane target for member companies
Published by Alex Hithersay,
Editorial Assistant
Hydrocarbon Engineering,
The Oil and Gas Climate Initiative (OGCI) today announced a target to reduce by 2025 the collective average methane intensity of its aggregated upstream gas and oil operations by one fifth to below 0.25%, with the ambition to achieve 0.2%, corresponding to a reduction by one third.
Methane intensity refers to the methane that gets lost in the atmosphere when producing oil and gas, as a percentage of the gas sold.
Achieving the agreed intensity target of 0.25% by the end of 2025 would reduce collective emissions by 350 000 t of methane annually, compared to the baseline of 0.32% in 2017. OGCI will seek to achieve as much as one-third reduction in the same timeframe.
To reduce the OGCI’s collective methane emissions intensity, member companies will target key emissions sources. OGCI members are also engaging with other companies in the industry to help ensure that methane emissions are addressed across the full gas value chain.
This methane target comes as Chevron Corp., Exxon Mobil Corp., and Occidental Petroleum join 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. In addition, each will commit US$100 million dollars to the OGCI Climate Investments fund.
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/24092018/ogci-sets-first-collective-methane-target-for-member-companies/
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