OGCI Annual Report Marks Further Progress Reducing Emissions And Driving Momentum Across The Oil And Gas Sector

• The Oil and Gas Climate Initiative on Tuesday published its annual Progress Report and independently reviewed emissions data
• Since 2017, OGCI’s 12 member companies have reduced aggregate upstream methane intensity by 62%, routine flaring by 72% and carbon intensity by 24%, the data shows
• OGCI’s members are Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell and TotalEnergies.
• CEOs of leading oil and gas companies formed the initiative in 2014 to accelerate action toward a net zero future consistent with the Paris Agreement timeframe.

The Oil and Gas Climate Initiative’s (OGCI) annual report published Tuesday highlights member companies’ continued progress reducing emissions, advancing low-carbon solutions, and forging global partnerships to accelerate industry-wide decarbonization.

According to independently reviewed data published in the report, OGCI’s 12 member companies have reduced aggregate upstream operated methane intensity by 62%, cut routine flaring by 72% and lowered upstream carbon intensity by 24% since 2017.

Over the same period, OGCI’s 12 member companies continued to invest in a range of low-carbon technologies and solutions, that include carbon capture utilization and storage (CCUS), renewable energy, carbon-efficient energy management, biofuels, and sustainable mobility.

In 2024 alone, OGCI members invested $30B in low-carbon technologies and solutions, including projects, acquisitions and research and development, taking the cumulative total since 2017 to $125B.

OGCI members’ supplemented emissions reductions at their own operations with work to scale up CCUS projects in hubs to enable hard-to-abate sectors such as steel and cement to decarbonize, and efforts to support the deployment of low-carbon transport fuels for trucking, aviation and shipping.

OGCI members are currently involved in developing more than 50 CCUS projects, with the potential to reduce and/or remove as much as 500 million tonnes of CO_₂ a year, by 2030.^[1] Some that are already operational or expected to be soon include Northern Lights in Norway, Ravenna CCS in Italy, and STRATOS and LaBarge in the US.

OGCI has also supported local oil and gas operators and partners in countries such as Algeria, Iraq, Kazakhstan and Egypt to detect, monitor and abate methane emissions through its flagship Satellite Monitoring Campaign and other related initiatives.

Over the past 18 months, OGCI expanded the satellite campaign to include more countries and operators – doubling the number of assets and countries involved and building further momentum among local operators to drive emissions reductions.

In 2024 and 2025, OGCI worked to extend its impact beyond OGCI’s membership through the Oil & Gas Decarbonization Charter (OGDC), which it helped launch at COP28 in 2023.

OGDC, with 56 signatories representing a diverse mix of state-owned and independent companies with assets across 100+ countries producing around 45% of global oil, amplifes the reach and impact of OGCI’s work, helping to accelerate the pace of decarbonization across the industry.

OGCI acts as OGDC Secretariat, providing the Charter and its signatories with technical expertise, knowledge and insights. Over the past 18 months, OGCI and its members have shared knowledge and best practices accumulated over a decade of work reducing emissions at their own oil and gas operations. Topics have included methane emissions reductions and energy efficiency.

OGCI’s ability to build bridges across continents and with state-owned and private companies, has helped grow a global community of oil and gas companies committed to reducing emissions.

This year, OGDC has adopted OGCI’s Reporting Framework as the basis for reporting its emissions and other related KPIs, strengthening accountability and transparency across a broader segment of the industry. OGDC’s second annual report will launch at COP30 in Brazil this November.

Bjorn Otto Sverdrup, Chair of OGCI’s Executive Committee and Head of the OGDC Secretariat said:
“OGCI’s latest annual report shows what’s possible when ambition is matched by action. Our members have again this year reduced methane emissions and flaring – contributing to a 25% reduction in operated Scope 1 and 2 upstream emissions across the group since 2017. We’re proud of this progress, but we’re not stopping there.”

“To reach net zero operations in the Paris Agreement timeframe, these efforts must extend across the industry. OGDC is building on OGCI’s model, turning collaboration into global action.”

“As we head into COP30, our focus remains clear: cut emissions, advance and scale solutions, and deliver secure and affordable energy. Together, we are staying the course.”

OGCI members’ aggregate progress in 2024^[2]
(See Performance Data in Chapter 4 for more detail)

• Upstream operated carbon intensity: 17.2 kg CO_₂e/boe – a 24% decrease since 2017, close to meeting OGCI’s 17.0 kg CO_₂e/boe ambition by 2025.
• Upstream operated methane intensity: 0.12% – a 62% decrease since 2017 and well below OGCI’s 0.20% ambition by 2025.
• Routine flaring: 72% below 2018 levels^[3], demonstrating clear progress to OGCI’s ambition to end routine flaring by 2030.
• Scope 1 and 2 upstream operated GHG emissions: 304 Mt CO₂e – 25% lower than in 2017.
• Low-carbon investment: $30B in 2024, including projects, acquisitions and R&D, bringing the cumulative total since 2017 to $125B.
• CCUS projects: Our companies are involved in developing more than 50 CCUS projects, with the potential to reduce and/or remove as much as 500 Mt of CO_₂ a year, by 2030.^[4]
• Additional progress: Expanded efforts to reduce transport emissions and advance high-quality, internationally tradeable carbon credits for natural climate solutions projects.

About OGCI
The Oil and Gas Climate Initiative is a CEO-led initiative comprised of 12 of the world’s leading oil and gas companies, producing around 25% of global oil and gas on an operated basis.

OGCI aims to lead the oil and gas industry’s response to climate change and accelerate action towards a net zero emissions future consistent with the timeframe of the Paris Agreement.

In 2016, OGCI launched Climate Investments to manage a $1B fund to develop and accelerate the commercial deployment of low emissions technologies.

In 2023, OGCI helped establish the Oil & Gas Decarbonization Charter (OGDC), which was launched at COP28 in Dubai. OGDC is a coalition of 56 companies with activities across more than 100 countries working to decarbonize the oil and gas sector at scale.

OGCI’s members are Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell and TotalEnergies.

About OGDC
The Oil & Gas Decarbonization Charter, launched at COP28, aims to motivate oil and gas companies to decarbonize, achieving a broad geographical base and significant impact.

The Charter brings together a broad set of national, international and independent oil and gas companies to implement and accelerate climate actions in support of the Paris Agreement ambitions.

The OGDC Signatories include 56 companies, two-thirds of which are NOCs, and represents around 45% of global oil production.

The Charter outlines a series of ambitions for Signatories, supported by a sustained program of knowledge sharing and collaboration to accelerate action.

The OGDC’s operations is supported by OGCI, at the request of the COP28 Presidency and the Office of Special Envoy on Climate Change.

For more information, visit https://www.ogdc.org/oil-gas-decarbonization-charter/

^[1] Based on reported CCUS projects which average 7.5-10 Mt each. See Progress Report Chapter 3 for map detailing projects OGCI members companies are involved in developing.

^[2] All figures and percentages are rounded.

^[3] The first year of published data

^[4] Based on reported CCUS projects which average 7.5-10 Mt each. See Progress Report Chapter 3 for map detailing projects OGCI members companies are involved in developing.