Press Release

Petrobras joins UN initiative focused on reducing methane emissions

Bnamericas Published: Monday, January 09, 2023

This is a machine translation of Petrobras' press release

Petrobras took another important step towards a low-carbon future: it signed an agreement with the Oil & Gas Methane Partnership (OGMP) 2.0, a global initiative coordinated by the UN dedicated to the quantification and management of methane emissions, with a focus on mitigating climate change . Recognized as the most relevant in the sector in terms of transparency and credibility in providing data on emissions, the OGMP brings together more than 80 companies from the industry, coordinated by the United Nations Environment Program (UNEP) and the Climate and Clean Air Coalition ( CCAC) – worldwide voluntary organization for the reduction of greenhouse gas emissions.

“The mitigation of methane greenhouse gas emissions is a Petrobras commitment and is of great relevance to the agenda to combat climate change. It is considered a short-term priority by the Intergovernmental Panel on Climate Change (IPCC). Adherence to OGMP 2.0 is an initiative that will help to consolidate a great achievement: we have already reduced the intensity of methane emissions in the upstream by 55% between 2015 and 2022. As important as achieving the challenging results is maintaining performance in the coming years, with transparency and improving the measurement of emissions in our operations”, emphasizes Rafael Chaves, Director of Institutional Relations and Sustainability.

Petrobras' actions also contribute to Brazil's position in relation to the Global Methane Pledge, which provides for a 30% reduction in methane emissions by 2030 (based on 2020). In parallel, the company cooperates with the development of the global flaring monitoring panel, made available on a web platform by the GGFR fund (Global Gas Flaring Reduction Partnership).

“Joining the OGMP reflects the value of transparency and the importance we attach to measuring emissions. We hope that the partnership can accelerate our efforts to continue reducing methane emissions in our operations, in line with the Aiming for Zero Methane Emissions initiative of the Oil and Gas Climate Initiative (OGCI), of which we are signatories”, highlights Viviana Coelho, manager climate change executive.

Results in greenhouse gas emissions at Petrobras

In line with its commitments to the energy transition, Petrobras is currently one of the world leaders in oil production with lower greenhouse gas emissions. The company's emissions for each barrel produced have dropped by almost half over the last 11 years, reaching a level of 15 kg CO2 e/barrel.

In its 2023-2027 Strategic Plan, Petrobras aims to neutralize emissions by 2050 in activities under its control and influence its partners to achieve the same ambition in non-operated assets. For this, it is investing US$ 4.4 billion in technological solutions and decarbonization projects. At the same time, it reinforces its commitment to mitigating climate change and energy transition, seeking to accelerate the decarbonization of operations, achieve greater efficiency in methane, as well as double the reinjection of CO2 in CCUS (Carbon Capture, Use and Storage) projects. until 2025.

International organizations that coordinate the OGMP

UNEP is an organization associated with the United Nations (UN), responsible for defining the global environmental agenda and promoting the implementation of initiatives in favor of sustainable development. Its mission is to lead and encourage partnerships in preserving the environment, inspiring, informing and enabling nations and peoples to improve their quality of life without compromising future generations.

The CCAC is a voluntary partnership of governments, intergovernmental organizations, companies, scientific institutions and civil society organizations committed to improving air quality and protecting the climate through actions to reduce greenhouse gas emissions.

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