Greenhouse gas (GHG) emissions are one of the major causes of rising global warming and the Oil & Gas industry accounts directly & indirectly for one-third of the global emissions. CO2, Methane & NOx gases form a major part of greenhouse gases which are released by burning Oil, Fossil Fuels, etc. Due to rising GHG emissions from companies, it became important among major contributing sectors to report gas emissions during their operations.
Equinor ASA (Equinor), formerly Statoil ASA, is an energy company. It focuses mainly on the exploration, development, and production of crude oil and natural gas on the Norwegian Continental Shelf (NCS). The company also has operations in various oil and gas provinces in the world. Equinor operates refineries, processing plants, storage and terminals, and has interests in various oil and gas pipelines. The company markets, trades, and transports crude oil, condensate, natural gas, natural gas liquids, and refined products.
Total GHG emissions reported by Equinor in 2021 were 263.8 million tonnes CO2 equivalents (MtCO2eq), which declined by 0.9% from 2020. Equinor’s GHG emissions have declined by 6.3 MtCO2eq since 2018. The oil and gas company aims to cut 50% of its emissions by 2030.
GHG emissions are generally classified into Scope 1,2 & 3 emissions. Scope 1 emissions are direct GHG emissions that occur from sources that are owned or controlled by the company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc. Scope 2 accounts for GHG emissions from the generation of purchased electricity consumed by a company. Scope 3 emissions form the major portion of total GHG emissions for Equinor, accounting for 94% of total GHG emissions in 2021. According to Equinor, Scope 3 emissions are mainly related to its customers’ use of energy products.
In 2021, Equinor was able to save more than 600,000 tonnes of carbon emissions attributed to its electrification projects. The company set a target to increase the renewable capacity from 0.5 GW in 2020 to 12-16 GW in 2030. The oil and gas company is working to become a leader in global offshore wind.
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