A review of announced targets from 28 major oil and gas companies showed that nearly all have some kind of target for direct, scope 1 & 2 emissions. Meanwhile, less than half have any kind of target covering scope 3 emissions and less than a third aim to be net zero across all emission types by 2050. The nine most active O&G companies in the energy transition have reported reductions in absolute emissions and emissions intensity in recent years. On the national level, carbon pricing is used in Europe and Canada, but in the US only certain states are covered, and the Middle East and Russia have no such schemes. Companies have started implementing internal carbon pricing schemes in regions where it is less commonplace.
The oil and gas sector is responsible for about 50% of energy-related emissions, with the vast majority arising from Scope 3 emissions. Of Scope 1 and 2 emissions, the largest proportion comes from upstream and downstream operations. Emissions reduction strategies of the 9 most active oil and gas companies were compiled and analysed. Aside from developing low carbon technologies, companies have also started to endorse carbon pricing as an effective emissions reduction measure.
The oil and gas sector is responsible for about 50% of energy-related emissions, with the vast majority arising from Scope 3 emissions. Of Scope 1 and 2 emissions, the largest proportion comes from upstream and downstream operations. Emissions reduction strategies of the 9 most active oil and gas companies were compiled and analysed. Aside from developing low carbon technologies, companies have also started to endorse carbon pricing as an effective emissions reduction measure.
Scope
- Global oil and gas sector CO2 emissions in 2019
- Future CO2 emissions from global oil and gas remaining lifetime of reserves
- Emissions reduction targets and strategies of 9 selected oil and gas majors
- Global emissions reduction strategies
Reasons to Buy
- Obtain the most up to date information on emissions reduction strategies in major oil and gas producing nations and companies
- Understand the origins of different emissions throughout the oil and gas value chain
- Assess your competitor's emissions reduction strategies and develop the most effective plan of action based on the trends in their absolute emissions and emissions intensities
- Develop an understanding of the global carbon pricing scene
Table of Contents
- Executive Summary
- Sector Emissions Overview
- How much does the sector emit?
- Emissions sources across the O&G value chain
- Defining Emissions Categories
- Benchmarking Company Targets
- Where are emissions taking place?
- Emissions breakdown by gas
- Strategies and Carbon Pricing
- The methane emissions opportunity
- Common emissions reduction strategies
- National plans
- Carbon pricing worldwide
- Internal carbon pricing
- Company Analysis
- Main emissions targets among selected O&G majors
- Evaluating emissions targets
- ExxonMobil
- BP
- ConocoPhillips
- Chevron
- Eni
- Equinor
- Repsol
- Shell
- TotalEnergies
- Conclusions
List of Tables
- Table 1: Emissions reduction policies by country
- Table 2: Emissions targets of 9 selected oil and gas majors
List of Figures
- Figure 1: Energy-related GHG Emissions(%), 2021
- Figure 2: US O&G Emissions by Segment(%), 2020
- Figure 3: Oil and gas value chain
- Figure 4: Emissions categories
- Figure 5: Average emissions by scope of 16 top oil and gas companies(%)
- Figure 6: Targets of top 28 oil and gas companies, 2022
- Figure 7: Global Oil and Gas Sector CO2 Emissions(Gt CO2), 2019
- Figure 8: Future CO2 emissions from global O&G remaining lifetime of reserves(Gt CO2)
- Figure 9: Net Methane Abatement Cost by Technology($/MMBtu)
- Figure 10: Emission reduction strategies by sector
- Figure 11: Map of carbon pricing schemes worldwide
- Figure 12: Internal Carbon Prices Among Oil & Gas Majors($/ton)
- Figure 13: ExxonMobil's Absolute Scope 1 Emissions(Mt-CO2e) and Upstream Emission Intensity(t-CO2e/100 tons production), 2016-2020
- Figure 14: BP's Absolute Scope 1 Emissions(Mt-CO2e) and Emission Intensity(g-CO2e/MJ), 2017-2021
- Figure 15: ConocoPhillips' Absolute Scope 1 Emissions(Mt-CO2e) and Emission Intensity(kg-CO2e/boe), 2016-2020
- Figure 16: Chevron's Absolute Scope 1 Emissions(Mt-CO2e) and Upstream Emission Intensity(kg-CO2e/boe), 2017-2021
- Figure 17: Eni's Absolute Scope 1 Emissions(Mt-CO2e) and Carbon Intensity(t-CO2e/kboe), 2016-2020
- Figure 18: Equinor's Absolute Scope 1 Emissions(Mt-CO2e) and Upstream Carbon Intensity(kg-CO2e/boe), 2016-2021
- Figure 19: Repsol's Absolute Scope 1 Emissions(Mt-CO2e) and Upstream Emission Intensity(t-CO2e/kboe), 2016-2021
- Figure 20: Shell's Absolute Scope 1 Emissions(Mt-CO2e) and Net Carbon Intensity(g-CO2e/MJ)), 2017-2021
- Figure 21: TotalEnergies' Absolute Scope 1 Emissions(Mt-CO2e) and Upstream Emission Intensity(kg-CO2e/boe), 2015-2020
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Equinor
- Repsol
- Shell
- ExxonMobil
- TotalEnergies
- BP
- Chevron
- ConocoPhillips
- Eni
