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    Key Actions For Emission Reduction In Oil And Gas Sector

    Role of Hydrogen Fuel In The Future of Restoration Ecology

    Blending LPG And Biogas: A Cleaner Energy Solution For India

    Turkmenistan Plans To Export Natural Gas To European Nations

    Power of Siberia Line To Send Gas From Siberia To Shanghai

    Europe Must Cut Its Gas Demand Or Face Supply Challenges

    Arabian Pipes Co wins $42.6m supply contract from Saudi Aramco

    Bulgaria, Greece Ink Plans For Bidirectional H2 Distribution

    Touchstone Exploration discovers oil and gas deposit onshore Trinidad

    Kazakhstan Offers Above 50 Oil & Gas Fields For Exploration

    Brent crude oil price falls 24%, second largest one-day decline on record

    G7 Confirms Maintaining The Russian Oil Price Cap At $60

    Russian Fuel Supplies To Iran Through Rail Begin – Sources

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

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    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

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Key Actions For Emission Reduction In Oil And Gas Sector

venkat by venkat
May 25, 2023
in Downstream, News
0

The oil and gas sector aims to reduce emissions by 60% by 2030, requiring an upfront investment of £600bn. This amount is only 15% of the sector’s windfall income from the energy crisis in 2022. By implementing small price increases and savings, the industry can quickly recover the invested funds.

The International Energy Agency (IEA) not only provides a roadmap to limit global temperature rise to 1.5°C but also ensures universal access to modern energy by 2030. The decline in oil and gas demand will be steep enough to avoid developing new fields. Key actions include eliminating non-emergency flaring, reducing methane emissions, adopting carbon capture and storage (CCUS), electrifying facilities, and increasing the use of low-emissions hydrogen. Offsets are not necessary, but company commitments to these measures are currently insufficient, with most planning to rely on offsets to reach their targets.

Currently, oil and gas operations account for 15% of global energy-related emissions (5.1 billion tonnes of greenhouse gases). The IEA’s Net Zero Emissions by 2050 Scenario aims to reduce emissions intensity by 50% by the end of the decade, resulting in a 60% reduction in oil and gas emissions by 2030.

Fortunately, the oil and gas industry can address emissions through cost-effective measures such as methane reduction, eliminating non-emergency flaring, electrification, carbon capture, and expanding low-emissions hydrogen use. To achieve a 50% reduction in emissions intensity by 2030, an investment of $600bn is necessary. This represents a fraction of the industry’s windfall income in 2022.

Implementing these measures not only reduces emissions but also leads to additional income streams through the avoidance of gas waste. The upfront spending can be quickly recouped. The incremental cost of oil and gas production would be under $2 per barrel.

However, current commitments from companies are inadequate, with most lagging behind the pace set by the IEA’s scenario and relying on offsets. Forward-thinking companies must move faster than the average reduction rate and encourage others to join their efforts. To gain public confidence, a consistent approach to monitoring, reporting, and verifying emissions is crucial, based on accurate and transparent data.

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