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.CO2, methane, and NOx gases make up a large portion of greenhouse gases emitted by burning oil, fossil fuels, and other sources. It has become increasingly vital for major contributing industries to record greenhouse gas emissions throughout operations, as corporate GHG emissions have increased.
Novatek is an independent oil and gas company. The company explores, produces, processes, and markets liquid hydrocarbons and natural gas. Total GHG emissions (Scope 1+2+3) reported by the oil & gas company were 182.23 million tonnes CO2 equivalents (MtCO2eq) in 2020. The Company’s sustainability strategy is in line with the Paris Agreement’s goal of limiting the increase in global average temperatures to 1.5 °C by reducing greenhouse gas emissions.
Scope 1,2, and 3 emissions are the three categories of GHG emissions. 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 3 emissions form the major portion of Novatek’s total GHG emissions, accounting for around 95% of total GHG emissions in 2020. The company’s Scope 1 emissions have reduced by around 19% to 9 MtCO2eq and Scope 2 emissions have increased by around 15% to 0.23 MtCO2eq in 2020.
By 2030, Novatek intends to cut GHG emissions per unit of production in the upstream segment by 6% and to reduce methane emissions per unit of production in the LNG segments by 4%.
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