The report specifically adresses what is currently being done by the signatories of the OGCI (Oil and Gas Climate Initiative) to reduce CO2 and methane released into the atomsphere. If taken as one, signatories which include Pemex, Shell, eni, BP, Statoil, CNPC, Total, Repsol, Saudi Aramco and Reliance, represent a significant share of total energy production world-wide. The International Energy Agency has contributed to this report as well with their expertise in data analysis.
When it comes to the issue of natural gas, the OGCI report is in accord with statements made by the American Petroleum Institute. Natural gas is seen as a possible solution to our energy dilemma, because it is a very concentrated source of energy and can be transported easily. Natural gas in the U.S. has a ratio of more then 10 which makes it suitable for transportation, once the energy infrastructure has been build. In comparison, shale oil has a ratio of less then 10 which means that in some cases you spend more energy to produce one unit of energy.
There are three areas where the signatories can help governments reduce the CO2 emissions being released into the atmosphere.
Solution 01: Maintenance issues in compression facilities
One of the most important steps taken by the signatories of the OGCI is to to reduce CH4 emissions, the problem can be traced back to maintenance issues in compression facilities.
Solution 02: Expanding the existing natural gas infrastructure
The signatories want to create a more flexible energy market, they meet this challenge by expanding the use of natural gas wordwide, which they see as an integral part of the future energy system.
Solution 03: Supporting the development of electric cars and hybrids
This follows naturally from the last point. The increased use of hybrids as part of the energy infrastructure should enable an expansion of supply chains for natural gas. Natural gas is seen as a medium-term solution, because electric cars only make up 0,2% of car purchases world-wide, although it is strongly incentivized in China.
For more information on carbon capture and what can be done to reduce emissions, please refer to the following document:
Many thanks for the shared interest in the energy world!