Eight energy companies commit to reduce methane emissions within natural gas industry

Press Release 22/11/2017 22:00
  • Repsol posted net income of 1.056 billion euros during the first half of the year, a 65% increase over the same period the previous year.
  • Adjusted net income increased by 23% and EBITDA by 29%, which reflects the strength of the company’s businesses as well as the success of efficiency programs implemented in the current context of low oil prices.
  • Repsol's average hydrocarbon production during the first half of the year was 684,900 barrels of oil equivalent per day, in line with the company's planning.
  • The Upstream (Exploration and Production) unit area posted 339 million euros in a period in which the company made significant hydrocarbon discoveries in the United States and Trinidad and Tobago.
  • The Downstream area (Refining, Chemicals, Marketing, Lubricants, Trading, LPG and Gas & Power) reported profit of 929 million euros.
  • The refining margin indicator in Spain was 6.6 dollars per barrel, 3% higher than the 6.4 dollars per barrel in the first half of the previous year
  • Repsol became the first company in its sector worldwide to issue a certified green bond, to finance more than 300 initiatives aimed at reducing CO2 emissions.

BP, Eni, ExxonMobil, Repsol, Shell, Statoil, Total and Wintershall today committed to further reduce methane emissions from the natural gas assets they operate around the world. The energy companies also agreed to encourage others across the natural gas value chain – from production to the final consumer – to do the same.

The commitment was made as part of wider efforts by the global energy industry to ensure that natural gas continues to play a critical role in helping meet future energy demand while addressing climate change. Since natural gas consists mainly of methane, a potent greenhouse gas, its role in the transition to a low-carbon future will be influenced by the extent to which methane emissions are reduced.

“Numerous studies have shown the importance of quickly reducing methane emissions if we’re to keep the global temperature rise to well below two degrees,” said Mark Radka, Head of UN Environment’s Energy and Climate Branch. “The Guiding Principles provide an excellent framework for doing so across the entire natural gas value chain, particularly if they’re linked to programmes on measurement and reporting.”

The eight energy companies today signed a Guiding Principles document, which focuses on continually reducing methane emissions; advancing strong performance across gas value chains; improving accuracy of methane emissions data; advocating sound policies and regulations on methane emissions; and increasing transparency.

The Guiding Principles were developed in collaboration with Columbia University, the Environmental Defense Fund, the International Energy Agency, the International Gas Union, the Oil and Gas Climate Initiative Climate Investment Fund, the Rocky Mountain Institute, the Sustainable Gas Institute, the Energy and Resources Institute, University of Texas-Austin, and United Nations Environment.

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