The Oil and Gas Climate Initiative (OGCI) recently released its annual report, highlighting member companies’ continued progress in reducing emissions, advancing low-carbon efforts, and accelerating industrywide decarbonization.
According to independently reviewed data published in the report, OGCI’s 12 member companies have reduced aggregate upstream operated methane intensity by 62%, cut routine flaring by 72%, and lowered upstream carbon intensity by 24% since 2017.
Over the same period, OGCI’s 12 member companies continued to invest in a range of low-carbon technologies, including carbon capture and storage (CCS), renewable energy, carbon-efficient energy management, biofuels, and sustainable mobility.
OGCI’s member companies are Aramco, BP, Chevron, the China National Petroleum Corporation, Eni, Equinor, ExxonMobil, Occidental Petroleum, Petrobras, Repsol, Shell, and TotalEnergies.
In 2024, OGCI members invested $30 billion in low-carbon efforts, including projects, acquisitions, and research and development, taking the cumulative total since 2017 to $125 billion.
OGCI members’ supplemented emissions reductions at their own operations with work to scale up CCS projects in hubs to enable decarbonization in hard-to-abate sectors such as steel and cement and efforts to support the deployment of low-carbon transport fuels for trucking, aviation, and shipping.
OGCI members are currently involved in developing more than 50 CCUS projects, with the potential to reduce or remove as much as 500 million tonnes of CO₂ a year by 2030. Those already operating or that are expected to be operating soon include Northern Lights in Norway, Ravenna CCS in Italy, and Stratos and LaBarge in the US.
OGCI has also supported local oil and gas operators and partners in countries such as Algeria, Iraq, Kazakhstan, and Egypt to detect, monitor, and abate methane emissions through its flagship Satellite Monitoring Campaign and other related initiatives.
Over the past 18 months, OGCI expanded the satellite campaign to include more countries and operators, doubling the number of assets and countries involved.
In 2024 and 2025, OGCI worked to extend its efforts beyond OGCI’s membership through the Oil and Gas Decarbonization Charter (OGDC), which it helped launch at COP28 in 2023. OGCI serves as secretariat of the OGDC.
The OGDC has 56 signatories representing a mix of state-owned and independent companies with assets across more than 100 countries producing around 45% of global oil.
This year, the OGDC has adopted OGCI’s Reporting Framework as the basis for reporting its emissions and other related key performance indicators. OGDC said it expects to release its second annual report at COP30 in Brazil this November.
“OGCI’s latest annual report shows what’s possible when ambition is matched by action,” said Bjorn Otto Sverdrup, chair of OGCI’s Executive Committee and head of the OGDC secretariat. “Our members have again this year reduced methane emissions and flaring, contributing to a 25% reduction in operated Scope 1 and 2 upstream emissions across the group since 2017. We’re proud of this progress, but we’re not stopping there. … As we head into COP30, our focus remains clear: Cut emissions, advance and scale solutions, and deliver secure and affordable energy.”
The following details are included in OGCI’s report:
- Upstream operated carbon intensity—7.2 kg CO₂e/BOE, a 24% decrease since 2017
- Upstream operated methane intensity—0.12%, a 62% decrease since 2017
- Routine flaring—72% below 2018 levels
- Scope 1 and 2 upstream operated GHG emissions—304 Mt CO₂e, 25% lower than in 2017.
- Low-carbon investment—$30 billion in 2024, including projects, acquisitions, and research and development, bringing the cumulative total since 2017 to $125 billion