Oil and Gas Industry

Addressing methane and flaring emissions remain the key priority for the industry, but achieving net zero needs increased use of electrification and CCUS across the value chain.

- To align with net-zero ambitions, the industry aims for a 50% emissions intensity reduction by 2030 and 80% reduction by 2050.⁴⁴²

- 93% of large publicly traded oil and gas companies consider climate change in their decision-making processes.⁴⁴³

Oil and gas emissions can be divided into two main categories:

1. Energy-related emissions primarily due to energy consumption across the value chain.

2. Process emissions stem mainly from vented and fugitive methane emissions, gas flaring, transportation of crude oil, oil products and natural gas over long distances, and process emissions from refining.