BP Makes 2025 Pledge, Yet Flaring Rose in 2017
BP says it intends to keep net greenhouse gas (GHG) emissions at or below 2015 levels out to 2025. But it actually increased gas flaring year on year in 2017.
Releasing two main reports April 16, BP said in one of these ‘Advancing the Energy Transition’ that it aims to aims to generate sustainable reductions of 3.5mn metric tons of annual CO2 equivalent greenhouse gas emissions throughout its businesses by 2025, and will limit methane emissions from its operations to 0.2% across its oil and gas operations.
Its ‘Sustainability Report 2017’ though acknowledged that gas flaring under BP’s operational control increased to 1.987mn metric tons of hydrocarbons, an increase of 5% (or 91,000 mt) from 2016. “This was mainly due to the start-up of our Khazzan gas development in Oman,” the company said.
GHG emissions under BP operational control declined by 0.9mn mt to 50.5mn mt CO2 equivalent in 2017, while its net equity GHGs fell by 0.7mn mt to 49.4mn mt. BP said its GHG intensity particularly improved in Angola, where it captured and exported gas as LNG, and Egypt where it started up West Nile Delta gas phase 1. Rival Shell last week said its own flaring and GHG emissions increased last year. Both UK majors are among 34 companies to have signed up to the Zero Routine Gas Flaring by 2030 initiative, and among 11 to have signed 'Guiding Principles' to curb methane emissions.
BP’s Transition report also said it plans to invest around $200mn/yr to “help incubate and grow lower carbon solutions” as part of its near-term plan to “allocate at least $500 mn/yr for low carbon activities” including its renewables businesses and acquisitions. It cited use in the US Lower-48 of ‘green completions’, which capture gas that would otherwise be flared/vented during well completions/commissioning.