Greenhouse gas (GHG) emissions are one of the primary causes of rising global warming, and the oil and gas industry accounts for one-third of global emissions, both directly and indirectly. A substantial amount of greenhouse gases emitted by burning oil, fossil fuels, and other sources include CO2, methane, and NOx. Due to rising GHG emissions from companies, it became important among major contributing sectors to report gas emissions during their operations.
CNOOC Ltd (CNOOC), a subsidiary of China National Offshore Oil Corp, is an upstream oil and gas company. It carries out the exploration, development, production, and sale of crude oil and natural gas. The oil and gas company reported total GHG emissions of 10.3 million tonnes CO2 equivalents (MtCO2eq) in 2021, up 10.8% from 2020.
GHG emissions are classified into three categories: scope 1, 2, and 3. Scope 1 emissions are direct GHG emissions that occur from sources that are owned or controlled by the company. GHG emissions from the company's purchased or acquired energy, steam, heat, and cooling are included in Scope 2 (Indirect GHG emissions). Scope 3 is the other indirect emissions result of the company’s activities, but they come from sources that the company does not own or control.
Scope 1 emissions form the major portion of CNOOC’s total GHG emissions, accounting for 9.77 MtCO2eq (94.6%) of total GHG emissions in 2021. The company’s Scope 1 emissions have increased by around 7.1% and Scope 2 emissions have increased by around 150% in 2021. CNOOC has not disclosed Scope 3 emissions.
CNOOC is working on new energy such as solar and wind to promote sustainable development. By 2025, the company will invest 5%-10% of capital expenditure in wind and solar projects to reduce GHG emissions.
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