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.
PetroChina Co Ltd (PetroChina), a subsidiary of China National Petroleum Corporation, is an oil and gas company. It explores for and develops and produces crude oil and natural gas; refines crude oil and petroleum products; and produces and sells basic and derivative chemical products and others. The company also carries out the production and marketing of primary petrochemical products. It also markets and trades refined products; and transmits natural gas, crude oil, and refined products through pipelines. The company’s exploration basins include Erdos, Tarim, Sichuan, Daqing, Changqing, Liaohe, Xinjiang, and Bohai Bay.
Total GHG emissions reported by PetroChina in 2021 were 159.54 million tonnes CO2 equivalents (MtCO2eq) which was a decline of 5% from 2020. PetroChina’s GHG emissions have seen a continuous decline since 2019. The oil & gas company has accelerated the green and low-carbon transformation to promote clean energy with the objective of achieving net-zero emissions around 2050.
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. PetroChina does not disclose the amount of Scope 3 emissions. Scope 1 emissions form the major portion of total GHG emissions for PetroChina which accounted for 76% of total GHG emissions in 2021.
In 2021, PetroChina has reduced its oil production and simultaneously increase its annual production by 5.5%, resulting in a reduction of carbon dioxide emissions by 260 million tons. The company is also working on new energy such as geothermal, solar, wind, and hydrogen energy to develop clean energy and has installed 57,500 KW capacity of wind and solar power in oil and gas fields in 2021.
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