Emissions Reduction Strategies Adopted by the Oil and Gas Sector - Analyzing Current Emissions by Oil and Gas Sector and Companies, Future Targets, Reduction Strategies and Carbon Pricing

PUBLISHED: June 20, 2022

PAGES: 29 Pages

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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.

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

Product Code: GDUKOG86782

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

Product Code: GDUKOG86782

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