Initiative Highlights from Highwood’s Voluntary Initiatives Report 2022
The Oil and Gas Climate Initiative (OGCI) is a CEO-led commitment by the 12 member companies to reduce their emissions intensities towards near zero. Composed of industry leaders Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Oxy, Petrobras, Repsol, Shell, Total Energies, OGCI leverages the capacities of its member companies to accelerate the low carbon transition of the oil and gas industry. OGCI banks on innovation, stakeholder engagement, and technological competencies as essential factors that will advance industry towards net zero.
OGCI achieved its initial 2025 upstream methane intensity target of 0.20% in 2020 and intends to lower it to well below 0.20% by 2025. Absolute upstream methane emissions for OGCI member companies have fallen by 35% since 2017. Adopting a near-zero methane emissions mindset has helped member companies accelerate the pace of reduction using existing and emerging technologies. That is why OGCI launched in March 2022 the Aiming for Zero Methane Emissions Initiative, an effort open to all Oil and Gas companies around the World to stablish an all-in approach that treats methane emissions as seriously as the oil and gas industry already treats safety.
OGCI members are utilizing current detection and quantification technologies, such as the deployment of satellite, aircraft, and drone monitoring, including the deployment of GHG Sat capabilities over specific OGCI and non-OGCI assets in regions with limited local capacities, such as in Iraq and in other developing countries.
At the same time, the organization is at the helm of the development of emerging technologies through OGCI Climate Investments (CI). OGCI CI manages over USD 1B, focusing on driving substantial greenhouse gas (GHG) emissions reductions alongside financial returns, across multiple industry and commercial sectors.
OGCI focuses action where it matters the most, that is where limited decarbonisation solutions exist to date, to unlock mitigation action. OGCI aims to bring added value, beyond what individual OGCI member companies already do on their own, or could do at speed and scale of the needed global energy transition, or what the markets are already delivering in terms of climate impact.
|Reporting Disclosure||Level 3A|
|Public Disclosure||Level 4|
|Initiative Transparency||Level 2|
|Measurement of performance||Absolute emissions reduction, GHG intensity consolidated for all OGCI members.|
|Methane measurement requirements||No measurement requirements, but advanced technology use encouraged.|
|Emissions quantification||IPIECA Reporting Frameworks for absolute emissions for individual entities, consolidation at the OGCI level to determine intensity indicators.|
|Level of Engagement||12 member companies, over 100 external organizations|
|Sector applicability||Production, Gathering and Boosting.|
|Emissions Quantification||Scope 1, Scope 2|
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