Decarbonization initiative includes oil and gas majors

Fifty companies, representing more than 40% of global oil production, have signed on to the Oil and Gas Decarbonization Charter (OGDC), a global industry group dedicated to speeding up climate action across the oil and gas sectors.

The decarbonization initiative was announced at COP28 in Dubai. Signatories have committed to net-zero operations by 2050 at the latest, and ending routine flaring by 2030, and near-zero upstream methane emissions. They agree to continue to work towards industry best practices in emission reductions and a number of actions, including:

• Investing in the energy system of the future including renewables, low-carbon fuels and negative emissions technologies.
• Increasing transparency, including enhancing measurement, monitoring, reporting and independent verification of greenhouse gas emissions and their performance and progress in reducing emissions.
• Increasing alignment with broader industry best practices to accelerate decarbonization of operations and aspire to implement current best practices by 2030 to collectively reduce emission intensity.
• Reducing energy poverty and providing secure and affordable energy to support the development of all economies.

The OGDC recognizes that climate change is “a collective challenge that requires strong and focused action from producers and consumers of energy, fundamental changes across society and the energy sector, as well as international collaboration, to advance the energy transition and reduce greenhouse gas emissions from oil and gas.”

Beyond decarbonization, signatories recognize it is essential for the oil and gas industry to increase actions, including engaging with customers, investing in the energy system of the future, and increasing transparency in measurement, reporting and independent verification.

Signatories to Oil and Gas Decarbonization Charter

NOCs: ADNOC, Bapco Energies, Ecopetrol, EGAS, Equinor, GOGC, INPEX Corporation, KazMunaiGas, Mari Petroleum, Namcor, National Oil Company of Libya, Nilepet, NNPC, OGDC, OMV, ONGC, Pakistan Petroleum Limited (PPL), Pertamina, Petoro, Petrobras, Petroleum Development Oman, Petronas, PTTEP, Saudi Aramco, SNOC, SOCAR, Sonangol, Uzbekneftegaz, ZhenHua Oil, YPF

IOCs: Azule Energy, BP, Cepsa, COSMO Energy, Crescent Petroleum, Dolphin Energy Limited, Energean Oil & Gas, Eni, EQT Corporation, Exxonmobil, ITOCHU, LUKOIL, Mitsui & Co, Oando plc, Occidental Petroleum, Puma Energy (Trafigura), Repsol, Shell, TotalEnergies, Woodside Energy Group