Greenhouse gas (GHG) emissions are one of the major causes of rising global warming and the oil and gas industry accounts directly and indirectly for a significant amount of the global emissions. Carbon dioxide, methane, and NOx gases form a major part of greenhouse gases which are released by burning oil, fossil fuels, etc. It has become important for companies to report their gas emissions during their operations due to rising GHG emissions from companies.
EOG Resources Inc (EOG) is an independent upstream oil and gas company. Total GHG Emissions reported by EOG in 2020 were 4.9 million tonnes CO2 equivalents (MtCO2eq), which was a decrease of 7.55% from 2019. EOG’s GHG emissions are seeing a decrease every year since 2018. EOG aims to achieve the target of net zero Scope 1 and Scope 2 GHG emissions by 2040. The company is also launching a CCS project to capture and store a concentrated source of EOG’s direct CO2 emissions for long-term storage.
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 emissions are indirect GHG emissions associated with the purchase of electricity, steam, heat, or cooling. Scope 3 emissions are the result of activities from assets not owned or controlled by the reporting organization, but that the organization indirectly impacts its value chain. Scope 1 emissions form the major portion of the total GHG emissions for EOG, accounting for 92% of total GHG emissions in 2020. For the first time in 2020, the company disclosed its Scope 2 emissions, whereas Scope 3 emissions have not been disclosed by the company.
EOG is putting efforts and aims to reduce its GHG intensity rate to 13.5% for the US operations by 2025. The company aims to reduce methane emissions by 0.06% for the US operations by 2025.
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