The Oil and Gas Climate Initiative (OGCI) announced a target to reduce by 2025 the collective average methane intensity of its upstream gas and oil operations by one fifth to below 0.25%, with the ambition to achieve 0.20%, corresponding to a reduction by one third.
Achieving the agreed intensity target of 0.25% by the end of 2025 would reduce collective emissions by 350,000 tonnes of methane annually, compared to the baseline of 0.32% in 2017. OGCI will also try to achieve as much as one-third reduction in the same timeframe.
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The heads of the OGCI member companies stated:
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.
To reduce the OGCI’s collective methane emissions intensity, member companies will target key emissions sources. OGCI members are also cooperating with other companies to make sure that methane emissions are addressed.
This methane target comes as OGCI welcomes Chevron Corporation, Exxon Mobil Corporation, and Occidental Petroleum, three US majors that together represent 5% of global oil and gas production, to the initiative.
OGCI Climate Investments also announced jointly with CNPC that they are partnering to create OGCI Climate Investments China, an investment fund focused on China.
