Oil and Gas

FACTBOX-Big Oil's climate targets

 (Updates with new Equinor's targets)
    June 15 (Reuters) - The world's top oil and gas companies
have set varying targets to reduce greenhouse gas emissions from
their operations and the use of the products they sell.
    Some companies, including Royal Dutch Shell, BP, Norway's
Equinor and Spain's Repsol, aim to reduce some or eliminate all
of their emissions by 2050. 
    Others, including Total, are focusing on reducing the carbon
intensity of their operations and products.
    Intensity-based targets measure the amount of greenhouse gas
(GHG) emissions, such as methane and 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.
    Reducing emissions will require a well-functioning market
for carbon, the scaling up of carbon capture and storage
technology and the development of competitive uses of hydrogen,
many of the companies have said.
    The table below shows details by company (in alphabetical
 Targets  Scope  Scope  Scope  Link    Details
          1      2      3      to      
 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 2050
 Chevron  yes    no     no     yes     Targets 35% reduction in
                                       GHG intensity by 2028
                                       from 2016 base
                                       Reduce flaring intensity
                                       by 65% by 2028
                                       Reduce methane intensity
                                       by 50% by 2028; zero
                                       routine flaring by 2030 ConocoP  yes    yes    no             Reduce GHG emissions
 hillips                               intensity by up to 15%
                                       (CO2e per boe) by 2030
                                       per boe vs 2017 levels
 Eni      yes    yes    yes    yes     Reduce absolute emissions
                                       to net zero by 2050; by
                                       25% by 2025 and by 65% by
                                       Targets includes products
                                       purchased from third
 Equinor  yes    yes    yes    yes     Reduce net GHG emissions
                                       to net zero by 2050
                                       Reduce carbon intensity
                                       by 20% by 2030, by 40% by
                                       2035 Exxon    yes    yes    no     yes     Reduce methane emissions
                                       intensity by 40% to 50%
                                       versus 2016 levels by
                                       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     Reduce net carbon
                                       footprint (an
                                       intensity-based measure
                                       of carbon emitted per
                                       energy unit) vs 2016
                                       baseline of all products
                                       sold by at least 6% by
                                       2023, by 20% by 2030, by
                                       45% by 2035 and by 100%
                                       by 2050 (incl. Scope 3
                                       from products not
                                       produced but sold by
                                       120 mln t nature-based
                                       offsets a year by 2030
                                       25 mln t carbon capture
                                       and storage capacity a
                                       year by 2035
 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  
                                       40% reduction in its
                                       Scope 1 and 2 emissions
                                       in 2030 compared to 2015 
                                       Overall Scope 1, 2
                                       emissions to net zero by
                                       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 Emelia
Sithole-Matarise, David Gregorio, Mark Potter, Barbara Lewis,
Jonathan Oatis and Louise Heavens)