BP, Eni, ExxonMobil, Repsol, Shell, Statoil, Total and Wintershall committed to further reduce methane emissions
OREANDA-NEWS. November 27, 2017. BP, Eni, ExxonMobil, Repsol, Shell, Statoil, Total and Wintershall today committed to further reduce methane emissions from the natural gas assets they operate around the world. The energy companies also agreed to encourage others across the natural gas value chain – from production to the final consumer – to do the same.
The commitment was made as part of wider efforts by the global energy industry to ensure that natural gas continues to play a critical role in helping meet future energy demand while addressing climate change. Since natural gas consists mainly of methane, a potent greenhouse gas, its role in the transition to a low-carbon future will be influenced by the extent to which methane emissions are reduced.
“Our analysis at IEA shows that credible action to minimise methane emissions is essential to the achievement of global climate goals, and to the outlook for natural gas,” said Tim Gould, Head of Supply Division, World Energy Outlook, IEA. “The commitment by companies to the Guiding Principles is a very important step; we look forward to seeing the results of their implementation and wider application. The opportunity is considerable – implementing all of the cost-effective methane abatement measures worldwide would have the same effect on long-term climate change as closing all existing coal-fired power plants in China.”