Energy efficiency in our operations

Mitigating greenhouse gas (GHG) emissions

Energy efficiency requires a continuous process of searching for opportunities for improvement in the fields of technology, design, and operation and maintenance procedures. It has always played a part of our projects and operations, being prominent since 2006 in ambitious plans and goals to reduce the energy and carbon intensity of our operations.

Efficiency to reduce emissions

The ongoing monitoring of our energy and carbon plans aims to ensure operational excellence in terms of our processes’ energy performance, which is key to reducing our carbon intensity and moving towards the goal of zero net emissions by 2050. In this context, we will invest more than 400 million euros in the 2021-2025 Strategic Plan period to reduce 800,000 tonnes of CO2 and lay the foundations for transforming our industrial sites into net zero emission facilities.

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Reducing routine flaring

Flares are a key factor for our facilities and environment safety. Since 2016, we have adhered to the World Bank’s Zero Routine Flaring by 2030 initiative, in which we commit to finding viable technical and economical solutions for minimizing routing flaring as soon as possible and no later than 2030. Our goal is to reduce CO2e emissions from this activity by 50% by 2025 in E&P operated assets, whose baseline was established in 2018.

 

Reducing the intensity of methane emissions

We believe that natural gas plays an important role in the energy transition, which is why we have taken on the goal of reducing methane emission intensity by 25% in our operated assets by 2025, compared to 2017 figures. This commitment is in line with the joint objective with the OGCI initiative (Oil and Gas Climate Initiative) established in 2018. In order to achieve this goal, we must implement more precise technologies for emissions detection, quantification, and reduction, as well as transition to a lower-emissions portfolio.

Through the Oil & Gas Climate Initiative Investment Fund, we invest in solutions aimed at reducing carbon dioxide emissions by increasing energy efficiency.

Learn about the initiatives >

 

Calculating our products' carbon footprint

We analyze the carbon footprint of our products in all stages of their life cycle. The methodology that we use for the calculation is ISO 14067 based, an international standard that validates the rigor of our work. Energy efficiency projects are fundamental in reducing the carbon footprint at the stages in which we have operational control.

Snowy mountains

Net-zero emissions by 2050

We are the first energy company to take on the commitment of reaching net zero emissions by 2050.