Oil firms have traditionally sought to maximize output capacity and minimize costs. Saudi Aramco has led the way in both categories. But IOCs and NOCs alike are also competing to showcase their environmental credentials. Aramco is no exception.
The oil industry has typically been wary of environmentalism. But as the pace of the energy transition has grown, firms are increasingly engaging with its concepts. IOCs and NOCs – including Aramco, BP, Chevron, ExxonMobil and Total – have formed the Oil and Gas Climate Initiative (OGCI) which in June announced a target to reduce the carbon intensity of their aggregated upstream operations from a 2017 baseline of 23 kg CO₂e/boe to 20-21 kg CO₂e/boe by 2025. Aramco’s carbon intensity is already just 10.4 kg CO₂e/boe. (CONTINUED - 359 WORDS)