Photo: Nabil al-Jurani Associated Press
The OGCI brings together giants such as BP, Eni, Petrobras, Shell, or Total, representing more than 30% of the world production.
Twelve giant oil and gas, including the juggernaut Saudi Aramco and American ExxonMobil and Chevron, announced Thursday their intention to collectively reduce the “carbon intensity” of their production activities, an announcement is put in perspective by some experts. The carbon intensity is the amount of CO2 required for the production of goods, in the case of barrels of oil. Gathered within the Oil and Gas Climate Initiative (OGCI), a coalition created in 2014, they promise to bring down their carbon intensity collective average between 20 and 21 kg of CO2 equivalent per barrel by 2025. In 2017, it was 23 kg, on an average of all of these multinational corporations.
However, this commitment does not mean a reduction in absolute value of their greenhouse gas emissions, in particular if the production starts up again, immediately warned of the experts, who also put in question the choice of a basis of calculation collective. According to the OGCI, this goal ” is a further step to support the Paris Agreement “, which aims to keep global warming under 2 °C relative to pre-industrial times, by dramatically reducing the emission of greenhouse gases, from three-quarters of fossil fuels.
This represents a reduction from 36 to 52 million tons of CO2 equivalent per year by 2025 (assuming production levels constant), or the equivalent of energy-related emissions of 4 to 6 million households “, added the press release of the OGCI, which will publish an annual balance sheet, referred by the cabinet EY.
Are concerned the emissions of CO2 and methane, says the group, which explains wanting to improve the energy efficiency, reduce flaring, which consists of the burning of the gas releases —, electrification of certain operations through the use of renewable energy sources and deploy capture techniques and carbon storage (CCUS).
The OGCI has been established in 2014 with the objective of reducing the emissions of the sector, increasingly under pressure from activists and investors. With a fund of over a billion dollars to finance solutions, it brings together giants such as BP, Eni, Petrobras, Shell, or Total, representing more than 30 % of the oil and gas production in the world.
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