Emissions Reduction Strategies Adopted by the Oil and Gas Sector – Analyzing Current Emissions by Oil and Gas Sector and Companies, Future Targets, Reduction Strategies and Carbon Pricing
The oil and gas sector is responsible for about half of all energy-related emissions. The vast majority are from sold products or scope 3 emissions. Among direct, scope 1 and 2 emissions, the largest portion comes from upstream and downstream operations. Emissions can occur at all stages of the O&G value chain.
To address upstream emissions, common strategies include using renewable energy or carbon capture. On the downstream side, low-carbon hydrogen, electrification of heat processes, utilization of waste heat, and utilization of carbon for fuels can be used. Product emissions can be reduced by reducing the production of fossil fuels, producing renewable fuels like low carbon hydrogen or biofuels, carbon offsets, or carbon capture. The nine most active O&G companies in the energy transition have reported reductions in absolute emissions and emissions intensity in recent years. Carbon pricing is an effective emissions reduction measure that has been endorsed by most major O&G companies.
Defining Emission Categories
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Common Emission Reduction Strategies
Upstream
Powering offshore platforms using cleaner grid power or on-site renewables, like offshore wind farms.
Downstream
Using blue or green hydrogen in refineries and adopting electrification for some heat processes.
Scope 3/Product Emissions
Decreasing oil and gas sales via divestment of assets or decreasing production.
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Emission Reduction Strategies by Country
The US aims to reduce GHG emissions by half by 2030 compared to 2005 levels and reach net zero by 2050. The Biden Administration has implemented a social cost of carbon, but it is currently facing legal challenges in the US court system. The cost is used to guide policy, including oil and gas leases, and federal spending decisions by incorporating the cost of negative externalities associated with carbon emissions. In addition, 11 states use a social cost of carbon to guide similar decisions at the state level.
Aside from the US, the other countries discussed in the report for emission reduction strategies in the oil and gas sector are the UK, EU, Norway, Saudi Arabia, Canada, and the UAE.
Leading Companies in Energy Transition
Some of the leading companies in energy transition are Equinor, Repsol, Shell, ExxonMobil, TotalEnergies, BP, Chevron, ConocoPhillips, and Eni.
To know more about targets and strategies of leading O&G companies, download a free report sample
Market report overview
| Emission categories | Direct Emission (Scope 1) and Indirect Emission (Scope 2 and 3) |
| Emission reduction strategies | Upstream, Downstream, and Scope 3/Product Emissions |
| Key countries | The US, the UK, EU, Norway, Saudi Arabia, Canada, and the UAE |
| Leading companies | Equinor, Repsol, Shell, ExxonMobil, TotalEnergies, BP, Chevron, ConocoPhillips, and Eni |
Scope
This report provides:
- Global oil and gas sector CO2 emissions in 2019.
- Future CO2 emissions from global oil and gas remaining lifetime of reserves.
- Emissions reduction targets and strategies of 9 selected oil and gas majors.
- Global emissions reduction strategies.
Scope
Global oil and gas sector CO2 emissions in 2019
Future CO2 emissions from global oil and gas remaining lifetime of reserves
Emissions reduction targets and strategies of 9 selected oil and gas majors
Global emissions reduction strategies
Reasons to Buy
- Obtain the most up-to-date information on emissions reduction strategies in major oil and gas producing nations and companies.
- Understand the origins of different emissions throughout the oil and gas value chain.
- Assess your competitor’s emissions reduction strategies and develop the most effective plan of action based on the trends in their absolute emissions and emissions intensities.
- Develop an understanding of the global carbon pricing scene.
Key Players
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The defining emission categories in the oil and gas sector are direct emission (Scope 1) and indirect emission (Scope 2 and 3)
The emission reduction strategies in the oil and gas sector are upstream, downstream, and Scope 3/product emissions.
The key countries acting on emission reduction are the US, the UK, the EU, Norway, Saudi Arabia, Canada, and the UAE.
The leading companies in the oil and gas sector are Equinor, Repsol, Shell, ExxonMobil, TotalEnergies, BP, Chevron, ConocoPhillips, and Eni.
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