The Oil and Gas Climate Initiative (OGCI) released its 2021 performance data report that reveals the emissions reductions of its member companies. The report shows companies’ absolute upstream methane emissions have fallen 40% in four years.
That amount equals about 880,000 tons of methane emissions per year or equivalent to 3,891,491 US homes’ electricity use for one year. It represents a significant drop in absolute methane emissions across those companies, according to Bjørn Otto Sverdrup, chair of the OGCI Executive Committee.
“This success, coupled with increases in low carbon investment and reductions in carbon dioxide emissions, proves that our members are on course to achieve their aim of net zero emissions from operations under our control,” he added.
The report also shows carbon dioxide emissions from downstream operations dropped 11% since 2017, recording a 3% decrease in 2021. This reduction is slow compared to the upstream sector. It reflects the difficulty of reducing its carbon intensity.
The Oil and Gas Climate Initiative members include 12 of the world’s largest oil companies like BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell, and Total. They collectively invest around $7 billion each year in developing low-carbon solutions.
The organization’s annual report provides detailed data breakdowns for production, greenhouse gas emissions, methane emissions, flaring, investment, and R&D in low-carbon technologies.