Oil and Gas Companies Embrace Carbon Management

Major players in the oil and gas industry are getting comfortable with the fact that carbon management is the future. Managing scope 1, scope 2, and especially scope 3 emissions comes with a big price tag, but a big potential upside for these companies. 

Hart Energy profiled a handful of companies (article is behind a paywall) working beyond their own business to take back control of carbon. 

From HartEnergy

In June 2021, Schlumberger aligned with the United Nations Net Zero Coalition to achieve net-zero emissions by 2050 across Scopes 1, 2, and 3. Most of these emissions are scope 3—emissions from the end use of products. Schlumberger has about 25 “transition” technologies aimed at reducing and reversing emissions in different themes in oil and gas.

Pioneer Natural Resources has deployed a comprehensive methane leak detection and repair program that includes routine aerial surveys. The company is also looking into purchasing and using renewable solar energy to offset emissions. 

Occidental Petroleum crafted a technological plan to shut in Scope 3 emissions. It’s designing the world’s largest direct air carbon capture facility, which will have the capacity to suck up to 1 million tons of CO2 from the atmosphere annually. Occidental is betting big on carbon capture, and is moving toward “becoming a carbon management company.”

Many executives at these oil and gas companies recognize that it’s a balance between offering value to stakeholders while meeting emissions goals. 

That’s a big scope.