The Oil and Gas Industry Climate Initiative (OGCI) recently announced that the total average carbon intensity in the upstream sector of its member companies will fall from 23 kCO2E/boe in 2017 to 20 to 21 kCO2e/boe in 2025.

The carbon intensity targets cover carbon dioxide and methane emissions from upstream oil and gas exploration and production activities of member companies, as well as emissions such as electricity and steam. The change to the carbon intensity target is in line with the emissions reductions required by the oil and gas industry to support the Paris targets. With oil and gas sales unchanged, the target implies a reduction of 36m to 52m tonnes of carbon dioxide equivalent a year by 2025, equivalent to emissions from energy consumption in 4m to 6m homes. In addition, the OGCI will take concrete actions on emissions such as liquefied natural gas to further advance emission reduction targets.

The OGCI said it hoped to play an active role in accelerating global net zero emissions through collective action by member companies. For member enterprises, setting carbon intensity target is a concrete measure in the short term, which is conducive to enterprises' transition to low-carbon economy. Bob Dudley, CHAIRMAN of OGCI's CEO Steering Committee, said in a joint statement, "We are encouraged by the progress we have made in advancing the methane intensity target. Building on this, we decide to work together to reduce the total average upstream carbon intensity by 2025, which will increase the speed, scale and impact of collective action on climate change and help the world reach its net zero emissions target as soon as possible."

Members aim to achieve the carbon intensity target by 2025 by improving energy efficiency, reducing methane emissions and minimizing torch emissions, using renewable electricity wherever possible, co-generation of heat and power, and deploying carbon capture, utilization and storage technologies.

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