Some of the biggest oil companies in the world set their first joint target to cut their collective carbon emissions from upstream operations in a move that saw Saudi Aramco and ExxonMobil joining European majors in pledging reduced carbon intensity.

The Oil and Gas Climate Initiative (OGCI), a CEO-led voluntary alliance of some of the world’s biggest oil and gas companies, said on Thursday that it would aim to reduce the collective average carbon intensity of member companies’ aggregated upstream oil and gas operations to between 20 kg and 21 kg carbon dioxide equivalent per barrel of oil equivalent (CO2e/boe) by 2025, from a collective baseline of 23 kg CO2e/boe in 2017.

The initiative’s members include BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell, and Total.

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Source: Oil Price

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