The Oil & Gas Climate Initiative (OGCI) set 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.
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.
Achieving the intensity target of 0.25% by the end of 2025 would reduce collective emissions by 350,000 tonnes/year of methane, compared with the baseline of 0.32% in 2017.
“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 realize its full potential in a low-emissions future,” the heads of the OGCI member companies said.
Member companies will target key emissions sources and are engaging with other companies in the industry to help ensure that methane emissions are addressed across the full gas value chain (OGJ Online, Oct. 27, 2017).
Through its $1-billion-plus investment fund, OGCI Climate Investments, OGCI aims to increase the ambition, speed, and scale of initiatives to reduce greenhouse gases. For 2018, OGCI Climate Investments is focused on recycling and storing carbon dioxide and on reducing methane emissions.
Expanding its global impact, OGCI Climate Investments has partnered with Chinese National Petroleum Corp. to create OGCI Climate Investments China, an investment fund focused on China.