The Oil and Gas Climate Initiative (OGCI) announces that it wants to cut flaring and venting and improve transparency on emissive performance with annual reports. Among the 12 oil & gas companies that participate also the Italian Eni
Methane emissions are responsible for about 1/3 of global warming
(Sustainabilityenvironment.com) – Bring methane emissions to zero by the end of this decade. Saying goodbye to flaring and venting and promptly repairing infrastructure in case of any leaks. It is the commitment made by 12 of the largest oil & gas companies in the world, united in the Oil and Gas Climate Initiative (OGCI).
“We recognize that eliminating methane emissions from the upstream oil and gas industry represents one of the best short-term opportunities for contributing to climate change mitigation and for advancing the goals of the Paris Agreement”.
To support the initiative there is also the Italian Eni, together with the Saudis of Aramco, BP, Chevron, CNPC, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell and Total. Over the past 5 years, they claim, their overall CH4 emissions have fallen by 30%.
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Now the 12 companies announce that they want to bring methane emissions from all oil and gas assets to zero. Mainly due to the decrease in venting practices (the direct release of gas into the atmosphere that is associated primarily with maintenance) and flaring (burning the excess gas extracted together with oil). In addition, companies are committed to increasing transparency on emissive performance with annual reports, and to updating monitoring systems when more performing technologies become available. They also call for the introduction of state regulations to cut methane emissions and specific national targets integrated into climate action plans.
“With this leadership initiative, we are calling for an all-in approach that treats methane emissions as seriously as the oil and gas industry already treats safety: we aim for zero and we will strive to do what is needed to get there. We are encouraging all oil and gas companies to join us in this approach”, said Bjorn Otto Sverdrup, OGCI Executive Committee Chair.
