July 16, 2020 2:27 PM
The OGCI members agreed to reduce the average carbon intensity of their aggregated upstream oil and gas operations to between 20kg and 21kg of CO2 equivalent per barrel of oil equivalent by 2025, from a collective baseline of 23kg CO2e/boe in 2017, the OGCI said in a statement.The OGCI includes BP, Chevron, CNPC, Eni, Equinor, Exxon, Occidental Petroleum, Petrobras, Repsol, Saudi Aramco, Shell and Total, which together account for over 30% of the world’s oil and gas production.
The announcement marks an important change for Exxon, the largest US oil company, which has resisted investor pressure to improve the disclosure of its impact on the environment.Exxon supports the OGCI targets to decrease the carbon intensity of energy production and is “part of the industry’s efforts to take practical, meaningful steps to reduce emissions”, a spokesman said.