Oil major Exxon Mobil has set itself the target of lowering the intensity of emissions from greenhouse gasses on its oilfields by 25% by 2025.
By intensity, the company is connecting emission levels with oil and gas production levels, rather than setting an overall reduction in emissions. This means its emissions could rise if its oil and gas production increases enough, although on the other hand, they could lower by more than 25% if the company’s production drops from the current level.
Exxon Mobil, which also makes industrial lubricants like slideway oil, has been under pressure to set out a clearer roadmap through the energy transition, including from prominent investors like the Church Commissioners for England, which manages the assets portfolio of the Church of England.
The director of greenhouse gas and climate change at Exxon Mobil, Peter Trelenberg, said at a news conference that the company acknowledges the direction set by the Paris Agreement, as well as:
“The ambitions for society to get to net zero as early as possible before the end of the century. What we have tried to do is to develop specific actionable plans that we can hold our organization accountable to drive continuous improvement in emissions.”
Achieving the new goal will be supported by some existing targets, such as a 40–50% reduction in the intensity of methane emissions and a drastic reduction in natural gas flaring in its operations, with routine flaring being phased out entirely within 10 years.