Major players in the oil and gas industry have committed to a new framework to monitor, report and reduce methane emissions.
A total of 62 companies that have joined the Oil and Gas Methane Partnership (OGMP) have made the commitment to the OGMP 2.0 framework, which is expected to improve the reporting accuracy and transparency of methane emissions in the oil and gas sector.
The companies, which include BP, Eni, Equinor, Naftogaz, Shell, Total and Uniper, have assets representing 30% of the world’s oil and gas production on five continents.
Methane released directly into the atmosphere is a highly potent greenhouse gas, with more than 80 times the warming power of carbon dioxide over a 20-year period.
The framework includes the companies’ own operations as well as the joint ventures responsible for a substantial share of their production.
It applies to the full oil and gas value chain, including upstream production, midstream transportation and downstream processing and refining – areas with substantial emissions potential that are often left out of reporting currently.
To support global climate targets, OGMP 2.0 aims to deliver a 45% reduction in the industry’s methane emissions by 2025 and a 60% to 75% reduction by 2030.
The OGMP is a Climate and Clean Air Coalition (CCAC) initiative led by the UN Environment Programme (UNEP), the European Commission and the Environment Defence Fund (EDF).
EU Energy Commissioner Kadri Simson said: “I am very happy to see the energy industry taking immediate action on methane emissions. A clear commitment to measure and monitor emissions is an important first step for significantly reducing them and I am proud of what we have achieved together.
“Today’s signature is the first deliverable under the Commission’s recent methane strategy. There are many more steps to take to cut emissions along the entire value chain and I hope to work closely with all – European and international – partners to reach this goal.”
Inger Andersen, Executive Director of UNEP added: “To win the Race to Net Zero Emissions, we need everyone on board. We need ambitious action from the oil & gas industry. UNEP is committed to supporting efforts that reduce methane emissions, and we recognize the leadership of companies that have joined such an ambitious methane reporting framework.
“We look forward to seeing actions that turn commitments into actual emissions reduction.”