Chevron Commits to Reducing GHG Intensity
US major Chevron said October 3 it had established new goals to reduce net greenhouse gas (GHG) emissions from all its upstream oil and gas activities, whether it is the operator or not.
“Global demand for energy continues to grow, and we are committed to delivering more energy with less environmental impact,” Chevron CEO Michael Wirth said. No information was provided regarding how Chevron might impact emissions at non-operated projects.
Under the new mandate, Chevron will reduce its net upstream natural gas GHG emissions intensity by 2-6% by 2023, compared to 2016, while its net upstream oil emissions intensity would be reduced by 5-10%.
Chevron said the new intensity goals build on other measures it is taking to address climate change by lowering its carbon intensity, increasing its use of renewables and investing in technologies that address climate change issues. Earlier this year, the company established other goals for reducing methane emissions and the flaring of natural gas.
Chevron is a member of the Oil and Gas Climate Initiative and is helping fund a $1bn-plus effort to develop new technologies and businesses to reduce GHG emissions, and has 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 said it has also invested more than $1bn in carbon capture and storage (CCS) projects in Australia and Canada which are expected to reduce GHG emissions by about 5mn mt/yr. In Australia, Chevron recently started its long-delayed CCS project at the Gorgon LNG complex on Barrow Island, while in Canada, Chevron’s Canadian unit, through its 20% interest in Anglo-Dutch major Shell’s Athabasca Oil Sands Project, is a participant in the Quest CCS project, which earlier this year reached a milestone 4mn mt of sequestered CO2.
Chevron is also 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.”