Decarbonization of the oil and gas industry

By becoming parties to the Paris Climate Agreement (2015), states agreed to implement measures to reduce greenhouse gas (GHG) emissions.

The oil and gas industry is, directly and indirectly, responsible for approximately 40% of all GHG emissions from human activities. Therefore, it is facing social and political pressure and growing demands for decarbonization from regulators and investors.

The largest oil companies have long been engaged in improving the energy efficiency of their activities, which contributes to the specific reduction of GHG emissions. However, in the past two years, their “climate initiatives” have far surpassed anything done before. We can talk about a sharp acceleration and a significant deepening of the activity of the largest foreign oil and gas corporations in the field of decarbonization.

Zero balance of emissions (Net-zero emissions)

At the end of 2019, Spain’s Repsol was the first to make voluntary commitments to achieve net-zero emissions by 2050. This has ushered in a new era in which the oil and gas business is setting itself ambitious goals to reduce its carbon footprint.

The leaders in climate ambitions are the oil and gas giants of “European origin”. The EU plans to achieve climate neutrality by 2050, and…