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Large oil companies have set their first targets for reducing emissions

16 July 2020
Environment
energynomics

The world’s largest oil companies, including Saudi Aramco, CNPC and Exxon Mobil, have set targets for the first time to reduce greenhouse gas emissions in the context of increasing pressure on major polluters to take action to curb global warming, informs Reuters, according to Agerpres.

Members of the Oil and Gas Climate Initiative (OGCI), a group of large oil companies, vowed on Thursday to reduce the intensity of carbon emissions from upstream operations to 20-21 kilograms of CO2 per barrel of oil equivalent by 2025. This is a more ambitious target than the individual plans announced by a number of European oil companies such as Royal Dutch Shell, BP and Total.

“It’s a significant benchmark, but it’s not the end of the effort, it’s a medium-term goal, and we will continue to calibrate it as we move forward,” said OGCI President and former BP CEO, Bob Dudley.

OGCI includes BP, Chevron, CNPC, Eni, Equinor, Exxon, Occidental Petroleum, Petrobras, Repsol, Saudi Aramco, Shell and Total, which together account for a third of the world’s oil and gas production.

OGCI member companies agreed on a common methodology for calculating carbon intensity, and Bob Dudley said that in the future the targets could be extended to other sectors, such as liquefied natural gas or refining operations.

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