Inspenet, December 7, 2023.
50 leading companies in the oil and gas industry, responsible for more than 40% of global oil production, have signed the Oil and Gas Decarbonization Charter (OGDC). This commitment was carried out during the COP28 Climate Summit in the United Arab Emirates, with the purpose of achieving global energy transition goals in all sectors related to oil and gas.
Highlighting the participation of more than 60% of national oil companies (NOC), this act represents NOC’s largest commitment to a decarbonization initiative, according to a COP28 press release.
Charter participants have committed to achieving net-zero operations by 2050 , eradicating routine flaring by 2030, and reducing upstream methane emissions to near-zero levels, the statement said.
Measures contemplated by the founding members include investment in renewable energy, low-carbon fuels and negative emissions technologies. They also seek to improve the measurement, monitoring, reporting and independent verification of greenhouse gas emissions, as well as align their practices with the most advanced industry standards to accelerate decarbonization.
Additionally, they commit to implementing best practices by 2030 to collectively reduce emissions intensity, contribute to the reduction of energy poverty, and provide safe and affordable energy to support the economic development of all nations.
In this regard, COP28 President Dr. Sultan Al Jaber said: “The launch of the OGDC is a great first step, and while many national oil companies have adopted net zero 2050 targets for the first time, I know they and others can and need to do more. We need the whole industry to keep 1.5°C within reach and set even stronger ambitions for decarbonisation”.
The OGDC represents a crucial initiative within the Global Decarbonization Accelerator (GDA), which was launched at the Global Climate Action Summit during COP28. The statement highlights that the GDA has been developed based on the ideas of various stakeholders, including international organizations, governments and policymakers, non-governmental organizations, and executive leaders from various industrial sectors.
Which companies signed the letter for decarbonization?
It should be noted that the NOC signatories of the statute are: ADNOC, Bapco Energies, Ecopetrol, EGAS, Equinor, GOGC, INPEX Corporation, KazMunaiGas, Mari Petroleum, Namcor, National Oil Company of Libya, Nilepet, NNPC, OGDC, OMV, ONGC, Pakistan Petroleum Limited (PPL), Pertamina, Petoro, Petrobras, Petroleum Development Oman, Petronas, PTTEP, Saudi Aramco, SNOC, SOCAR, Sonangol, Uzbekneftegaz, ZhenHua Oil and YPF.
For their part, the international oil companies that signed the OGDC are Azule Energy, BP, Cepsa, COSMO Energy, Crescent Petroleum, Dolphin Energy Limited, Energean Oil & Gas, Eni, EQT Corporation, Exxonmobil, ITOCHU, LUKOIL, Mitsui & Co, Oando plc, Occidental. Oil, Puma Energy (Trafigura), Repsol, Shell, TotalEnergies and Woodside Energy Group.
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Source: rigzone.com
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