Chevron has established new goals to reduce net greenhouse gas (GHG) emission intensity from upstream oil and natural gas. Emission intensity is the emission rate of greenhouse gas per unit of energy produced. The company intends to lower upstream oil net GHG emission intensity by 5–10% and upstream natural gas net GHG emission intensity by 2–5% from 2016 to 2023. The timing is aligned with milestones set in the Paris Agreement on climate change.
The GHG emission intensity reduction metrics apply to all upstream Chevron oil and natural gas, whether Chevron has operational control or not.
“Global demand for energy continues to grow, and we are committed to delivering more energy with less environmental impact,” said Michael Wirth, Chevron’s chairman and chief executive officer.
The new reduction goals build on other actions Chevron is taking to address climate change by lowering the company’s carbon intensity, increasing its use of renewable energy and investing in breakthrough technologies. Earlier this year, the company established reduction goals for methane emission intensity and flaring intensity.
Chevron is a member of the Oil and Gas Climate Initiative and is helping fund a greater-than-$1-billion effort to develop new technologies and businesses to reduce GHG emissions. Chevron also established a Future Energy venture capital fund to invest in technology to reduce GHG emissions and enable a greater diversity of energy sources. The company has also invested more than $1 billion in carbon capture and storage projects in Australia and Canada, which are expected to reduce GHG emissions by approximately 5 million metric tons per year. Chevron is using renewable electricity to power some of its operations in California and Texas.
“Reducing greenhouse gas emissions is a global issue that requires global engagement and action,” Wirth said. “We are taking action while continuing to deliver the affordable, reliable, ever-cleaner energy that enables human progress.”
Don't miss our latest HSE content, delivered to your inbox twice monthly. Sign up for the HSE Now newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
19 Jul 2020
- Austin, Texas
This one-day session will include a view of best practices for Carbon Management with a focus on fugitive methane reduction.
28 Apr 2020
- Brisbane, Australia
This one-day session features view on best practices for Carbon Management with a focus on fugitive methane reduction.
29 Aug - 2 Sep 2020
- Tulsa, Oklahoma, USA
Get back to basics in oil recovery
17 - 19 Aug 2020
- Kuala Lumpur, Malaysia
Where Energy Professionals Exchange Ideas
15 - 16 Sep 2020
- Brisbane, Australia
We are in the throes of an energy transition - our energy system is evolving rapidly and diversifying, decarbonising and decentralising.
2 - 3 Sep 2020
- Beirut, Lebanon
Join peers and colleagues at this premier event
14 Sep 2020
- Bergen, Norway
The SPE Norway Subsurface Conference brings together the E&P industry to expand industry technical knowledge, connect with innovators and leaders and address technical challenges facing upstream oil and gas professionals.
HSE Now is a source for news and technical information affecting the health, safety, security, environment, and social responsibility discipline of the upstream oil and gas industry.
©2003-2020 Society of Petroleum Engineers, All Rights Reserved.