Oil and Gas

UPDATE 2-Big Oil's climate targets

 (Adds Exxon Mobil reports Scope 3 emissions)
    Jan 6 (Reuters) - Norway's Equinor aims to reach net-zero emissions of
greenhouse gases from production and final consumption of its energy products by 2050, the
company said on Monday.
    Achieving net-zero emissions required a well-functioning market for carbon capture and
storage (CCS, so-called natural sinks, as well as the development of competitive technologies
for hydrogen, it added.
    Equinor said 'net zero' meant achieving an overall balance between the amount of
greenhouse gases (GHG) added to, and removed from, the atmosphere. 
    It also wants to reduce net carbon intensity to zero by 2050. 
    Intensity-based targets measure the amount of GHG emissions such as methane or carbon
dioxide per unit of energy or barrel of oil and gas produced. That means that absolute
emissions can rise with growing production, even if the headline intensity metric falls.
    The table below shows details by company (in alphabetical order):
 Targets    Scope 1  Scope 2  Scope 3  Link to executive pay     Details
 BP         yes      yes      yes      yes                       Bring net GHG emissions from
                                                                 its equity barrels from well
                                                                 to petrol station to zero by
                                                                 2050 Reduce GHG intensity of all
                                                                 products it sells by 50% by
 Chevron    yes      no       no       yes                       Lower upstream oil net GHG
                                                                 emission intensity by 5-10%,
                                                                 upstream natural gas net GHG
                                                                 emission intensity by 2-5% by
                                                                 2023 Methane intensity target
 ConocoPhi  yes      yes      no                                 Reduce GHG emissions
 llips                                                           intensity by up to 15% (CO2e
                                                                 per boe) by 2030 per boe vs
                                                                 2017 levels
 Eni        yes      yes      yes      yes                       Reduce absolute emissions by
                                                                 80% and emissions intensity
                                                                 by 55% by 2050 Includes products purchased
                                                                 from third parties 2030 net zero carbon target
                                                                 in Scope 1 and 2 for upstream
                                                                 activities, overall group by
                                                                 2040 Methane reduction target
 Equinor    yes      yes      yes      yes                       Reduce net GHG emissions to
                                                                 zero by 2050, including Scope
                                                                 3 emissions from customers'
                                                                 use of Equinor's equity
                                                                 production volumes Reduce upstream CO2 per boe
                                                                 produced to below 8 kg by
                                                                 2025 Achieve carbon neutral global
                                                                 operations by 2030 Reducing absolute greenhouse
                                                                 gas emissions from operated
                                                                 fields and onshore plants in
                                                                 Norway towards net zero by
                                                                 2050 without offsets To ensure no routine flaring
                                                                 and near zero methane
                                                                 emissions by 2030 Reduce net carbon intensity
                                                                 to zero by 2050
 Exxon      yes      yes      no       yes                       Reduce methane emissions
                                                                 intensity by 40% to 50%
                                                                 versus 2016 levels by 2025; 
                                                                 eliminate routine flaring and
                                                                 cut upstream scope 1 and
                                                                 scope 2 gas emissions by 30%
                                                                 by 2030; report Scope 3
                                                                 emissions. Performance share
                                                                 award pay tied to managing
                                                                 risks related to climate
 Repsol     yes      yes      yes      yes                       Reduce net carbon emissions
                                                                 to zero by 2050 (incl. Scope
                                                                 3 from own barrels produced) Reduce carbon intensity vs
                                                                 2016 by 10% by 2025 (per
                                                                 gigajoule), 20% by 2030, 40%
                                                                 by 2040 Reduce absolute emissions by
                                                                 3 mln tonnes by 2025 (incl.
                                                                 Scope 3) Reduce methane emissions by
                                                                 25% by 2025
 Shell      yes      yes      yes      yes                       Ambition to be zero-emissions
                                                                 energy business by 2050
                                                                 (Scope 1, 2, 3) Reduce net carbon footprint
                                                                 (an intensity-based measure
                                                                 of carbon emitted per energy
                                                                 unit) of all products sold by
                                                                 at least 3% vs 2016 by 2022
                                                                 and by 65% by 2050 (Scope 3) Use of nature-based offsets
                                                                 and carbon capture technology
 Total      yes      yes      yes      yes                       Worldwide Scope 3 emissions
                                                                 lower in 2030 vs 2015 Overall Scope 1, 2, 3
                                                                 emissions intensity reduction
                                                                 by at least 60% by 2050 Overall Scope 1, 2 emissions
                                                                 to net zero by 2050 European Scope 1, 2, 3
                                                                 emissions down 30% by 2030 in
                                                                 absolute terms, 100% by 2050 Five mln tonnes/year of
                                                                 carbon sinks by 2030 Methane intensity targets
 NOTE: 1) Scope 1 refers to emissions from a company's direct operations, such as a diesel
generator on an offshore platform
      2) Scope 2 are emissions from the power a company uses for its operations, such as
gas-powered electricity purchased
      3) Scope 3 includes emissions from products sold, such as gasoline sold at petrol
stations or jet fuel sold to an airline
      4) BOE stands for barrels of oil equivalent

 (Reporting by Shadia Nasralla and Ron Bousso; editing by Jason Neely, Emelia Sithole-Matarise
and David Gregorio)