| By: Carl Surran, SA News Editor
- The Oil and Gas Climate Initiative, which U.S. giants Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) joined just last week, commits to cutting methane emissions to an intensity of 0.25% of all fossil fuel the group of 13 member companies produces by 2025.
- The pledge could be cut further to 0.2% intensity, which would echo targets set individually by group members BP, Royal Dutch Shell (RDS.A, RDS.B) and XOM to reduce methane emissions.
- “Our aim is to work towards near zero methane emissions from the full gas value chain in support of achieving the goals of the Paris [Climate] Agreement,” the heads of the OGCI members say.
- The OGCI represents nearly a third of global oil and gas production and also includes France’s Total (NYSE:TOT) as well as national oil companies of China, Mexico, Brazil and Saudi Arabia.