As the largest producers of oil and gas globally, National Oil Companies (NOCs) are critical stakeholders to achieve deep cuts in global methane emissions. However, most NOCs, with a few exceptions, have not yet started or are early in the process of developing robust methane management programs. NOCs’ critical importance to future methane emission reduction comes from two facts:
- Countries where NOCs dominate account for 75% of all oil and gas sector methane emissions, representing a large share of emissions that can be eliminated profitably or at low cost.
- NOCs have close ties with government institutions in their home countries and are typically actively involved in decisions on the broader direction of oil and gas sector policies. They are key implementing institutions of policy objectives and targets, including measures to address climate change.
This paper examines the essential role of NOCs to accelerate methane reduction, addresses current challenges and offers potential solutions for governments, members of industry, civil society and the financial sector to motivate NOC action on methane management.
Link to the blog by EDF: http://blogs.edf.org/energyexchange/2021/03/23/curbing-methane-emissions-is-a-climate-opportunity-for-national-oil-companies/