Saudi Aramco, a founding member of the Oil and Gas Climate Initiative (OGCI), joined several major oil and gas companies and key energy and climate leaders for the fourth annual meeting of OGCI in New York City on Monday. CEOs of OGCI’s 10 existing member companies and the three newly-joined members discussed the industry’s approaches to decrease greenhouse gas emissions.
The OGCI unveiled plans to reduce the collective, average methane intensity of members’ core upstream oil and gas operations to below 0.25 percent by 2025, with the ambition of reaching 0.2 percent, a total 30% reduction.
“The climate change challenge has become one of the most significant challenges facing humanity in our modern world," said Amin H. Nasser, Saudi Aramco president and CEO. "There is not one single entity, regardless of its influence, that can confront this challenge without collaboration and cooperation from various stakeholders.
"Therefore, today’s announcement by the OGCI further reaffirms the ambition and commitment of its member companies, to be part of the global solution to addressing the climate challenge," he added. "Saudi Aramco recognizes the power of collaboration and partnerships and through the OGCI’s Climate Investments, we are harnessing our collective resolve, as well as our resources, talents and technologies, to find concrete solutions and accelerate the deployment of ground-breaking technologies across various industries.”
OGCI Climate Investments (OGCI CI), launched in November 2016, aims to accelerate the deployment of new technologies for carbon capture use and storage and methane detection and mitigation; Saudi Aramco won our HSE Initiative of the Year 2018 award for its pilot carbon capture and enhanced oil recovery project.
“At Saudi Aramco, we are leveraging our industry leading position to pursue a comprehensive strategy to tackle the climate challenge, to protect the environment and to achieve high levels of performance," Nasser added. "That includes stringent compliance standards across our operations, energy efficiency measures in all end-user sectors and ramping up our R&D efforts to develop leading-edge technologies."