Oil and Gas Climate Initiative

At COP28, more than 50 oil and gas companies took a historic step toward decarbonization by launching the Oil & Gas Decarbonization Charter. This article explores the importance of this effort, the opportunities available to the industry to reduce its Scope 1 and 2 emissions, and the key technologies needed to achieve the net-zero goal.

SPE recently became a supporting organization of the Aiming for Zero Methane Emissions Initiative, which aims to reduce methane emissions from oil and gas operations to near zero by 2030.

Ipieca, together with the International Association of Oil and Gas Producers and the Oil and Gas Climate Initiative, released the guide to help operators select and deploy methane detection technologies.

A methane-quantification tool was developed by Petronas on the basis of applicable methane sources listed in guidelines produced by the Oil and Gas Climate Initiative.

The Oil and Gas Climate Initiative says its members’ absolute upstream methane emissions were down 40% since 2017. That’s equivalent to taking more than 3 million cars off the road for a year.

Experts speaking at a climate conference in London noted that the technology to detect leakages from oil and gas has been ramping up in the past 5 years, making mitigation feasible.

The Oil and Gas Climate Initiative has reduced its collective upstream methane and carbon intensity targets for 2025. Together, the revisions to these targets would bring an additional reduction of around 50 million tonnes of CO2 equivalent per year.

It has been a busy month so far for the oil and gas industry’s venture capital groups. Find out which operators are making moves and which technology developers are turning heads in this latest roundup.

The Oil and Gas Climate Initiative has announced a technical and financial sponsorship commitment of nearly $1 million to the Payne Institute for Public Policy at Colorado School of Mines to develop a transparent web platform to support real-time mapping and tracking of global gas flaring data.

Although based on “intensity” and not “absolute” emissions, oil giants say it’s a step toward net-zero goals for 2050.