Equinor reports significant progress in GHG emission reduction

Oil&Gas Materials 23 March 2023 12:54 (UTC +04:00)
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, March 23. Operated emissions of Norway’s Equinor company were 31 percent lower in 2022 compared to 2015, the baseline year, Trend reports with reference to the company.

The company aims to reduce emissions from its own operations by net 50 percent by 2030 compared to 2015 levels.

“We aim for at least 90 percent of this ambition to be realized by absolute reductions. In 2022, we made significant progress towards this ambition. Our total scope 1 and 2 operated greenhouse gas (GHG) emissions for 2022 were 11.4 million tonnes CO2e, compared to 12.1 million tonnes CO2e in 2021. In total, our operated emissions are now 31 percent lower than in 2015, the baseline year,” reads the latest report released by Equinor.

The company’s upstream CO2 intensity was 6.9kg CO₂/boe in 2022. This is an improvement from 7.0kg CO₂/boe in 2021, well below the target of 8.0kg CO₂/boe in 2025, and on track towards the ambition of 6kg CO₂/boe in 2030.

Equinor plans to allocate more than 50 percent of its annual gross capex to renewables and low carbon solutions by 2030 and more than 30 percent in 2025. In 2022 the company invested 14 percent of its gross capex into these areas, showing a 3 percent growth year-on-year.

Equinor is set to reduce the net carbon intensity (NCI) of the energy it supplies by 20 percent by 2030.

“In 2022, we saw a slight decrease in NCI due to two factors: an increase in the ratio of gas to oil in our production portfolio as well as a slight decrease in overall oil and gas production. The NCI of the energy we provided in 2022 was 66.5g CO₂e/ MJ, which is 1 percent lower than in 2021 and a 2 percent decrease relative to the 2019 baseline year. The 2 percent reduction in NCI from the 2019 baseline is in line with expectations. As deployment of renewable and CCS accelerates in the coming years, we expect to see greater progress in NCI reductions, with the majority of progress towards the 20 percent reduction ambition by 2030 expected in the second half of this decade. Lower overall oil and gas production resulted in a year-on-year decrease in absolute scope 3 emissions from 249 million tonnes in 2021 to 243 million tonnes in 2022,” reads the report.

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