Oil and Gas Climate Initiative
|Name of initiative||Oil and Gas Climate Initiative (OGCI)|
|Secretariat|| OGCI Strategy and Policy Team, London, United Kingdom
|Organisational structure||Led by the CEOs of 12 oil and gas companies|
|Name of lead organisation||Oil and Gas Climate Initiative (OGCI)|
|Type of lead organisation||Network/Consortium/Partnership|
|Location/Nationality of lead organisation||United Kingdom|
|Description|| The Oil and Gas Climate Initiative is a CEO-led organization bringing together 12 of the largest oil and gas companies worldwide to lead the industry’s response to climate change. It aims to accelerate action towards a net zero emissions future consistent with the Paris Agreement. OGCI members are Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell and TotalEnergies. Together, OGCI member companies represent about 30% of global oil and gas production. OGCI members set up OGCI Climate Investments to create a US$1 billion-plus fund that invests in companies, technologies and projects that accelerate decarbonization within energy, industry, built environments and transportation.
We support the need for the world to move to a net zero carbon emission future, also called carbon neutrality. This will require international collaboration and an energy transition and a reduction in greenhouse gas emissions from oil and gas.
OGCI and its members companies, by taking individual and collective actions, will help accelerate the energy transition through deep reductions in greenhouse gases.
All OGCI member companies aim to reach net zero emissions from operations under their control1, and also leverage their influence to achieve the same in non-operated assets, within the timeframe set by the Paris agreement, recognizing that we have many, but still not all, the answers needed to get there.
We will continue to stay action-oriented, continue to report transparently, and update our ambitions as we progress towards net zero. Our updated set of ambitions include reducing upstream methane emissions intensity to well below 0.20% by 2025, bringing carbon intensity from our upstream operations down to 17.0 kg CO2e per barrel of oil equivalent by 2025 and bringing routine flaring to zero2 by 2030. These are important near-term steps on this journey. By 2025, this could bring an additional reduction of around 50 million tonnes of CO2 equivalent per year.
Our success will rely on acceleration of innovative and large-scale solutions such as applications of efficiency measures, sharing of best practices, electrification, hydrogen solutions, and carbon capture utilization and storage (CCUS), methane leak detection and elimination, bioenergy as well as responsible investments in natural climate solutions (NCS).
In addition to collaborating and investing together with industry, it is essential for governments to develop enabling policies and regulations to provide certainty for long-term, large-scale profitable investments needed to reduce emissions. We encourage the implementation of explicit mechanisms giving a value to carbon, such as explicit or implicit carbon prices or incentives.
|One or two success stories achieved|
Monitoring and Impacts
|Function of initiative||Technical dialogue|
|Activity of initiative||Knowledge dissemination and exchange|
|Comments on indicators and goals|
|How will goals be achieved|
|Have you changed or strenghtened your goals|
|Progress towards the goals||Our updated set of ambitions include reducing upstream methane emissions intensity to well below 0.20% by 2025, bringing carbon intensity from our upstream operations down to 17.0 kg CO2e per barrel of oil equivalent by 2025 and bringing routine flaring to zero by 2030. These are important near-term steps on this journey. By 2025, this could bring an additional reduction of around 50 million tonnes of CO2 equivalent per year.|
|How are you tracking progress of your initiative|
|Available reporting|| The 2021 OGCI Progress Report is available at:
The 2021 OGCI Performance Data Report is available at: https://www.ogci.com/ogci-members-reduce-absolute-methane-emissions-by-40-since-2017/
|Companies||12||Aramco (Saudi Arabia),bp (United Kingdom),Chevron (USA),CNPC (China),Eni (Italy),Equinor (Norway),ExxonMobil (USA),Occidental Petroleum (USA),Petrobras (Brazil),Repsol (Spain),Shell (Netherlands),TotalEnergies (France).|
|Research and educational organisations||0|
|Regional / state / county actors||0|
|City / municipal actors||0|
|Faith based organisations||0|
|Number of members in the years|| |
|Have only national states as participators||No|
|Transport||Agriculture||Forestry||Business||Financial institutions||Buildings||Industry||Waste||Cities and subnational governments||Short Term Pollutants||International maritime transport||Energy Supply||Fluorinated gases||Energy efficiency||Renewable energy||Supply chain emission reductions||Adaptation||Other||Resilience||Innovation||Energy Access and Efficiency||Private Finance|
Not only have national states as participators