DNV has been selected by the International Association of Oil & Gas Producers (IOGP) to support the decarbonization initiatives of IOGP members – producers of 40% of the world’s oil and gas.
To support IOGP and its members, DNV will develop metrics, recommended practices, guidelines, and methodologies, focusing on carbon capture and storage (CCS), electrification of oil and gas assets, reducing flaring and venting, increasing energy efficiency, and developing business cases for hydrogen.
Decarbonization is a priority for oil and gas companies, with two thirds of the industry expecting to increase investment in this area in 2022, according to DNV’s latest Energy Industry Insights research.
Ditlev Engel, CEO, Energy Systems at DNV says “The upstream oil and gas industry is under mounting pressure to ensure an affordable and reliable energy supply while also decarbonizing at pace, with the sector needing to urgently address both the global climate crisis and acute energy crises in many regions. Across the energy industry, we see companies forming new partnerships and increasing collaboration to manage the complexity and scale of transitioning to low-carbon energy systems. The IOGP’s commitment to help its members reduce carbon emissions at pace is encouraging and much needed.”
Hari Vamadevan, Regional Director UK & Ireland for Energy Systems at DNV: “With DNV’s expertise across the energy system including oil, gas, hydrogen, wind, solar, power grids and energy efficiency, I look forward to working together with IOGP to support the safe, efficient, and accelerated decarbonization of upstream oil and gas.”
IOGP, the voice of the global upstream industry, is working with its 82 members to enable a low-carbon future: spearheading transformative technologies, facilitating collaboration, optimizing processes, and creating standards.
Concetto Fischetti, IOGP Energy Transition Director: “We are delighted to partner with DNV, to the benefit of our mutual members and the whole industry, in developing low carbon & energy transition technical practices and guidelines complementing the know-how and operational experience of our member companies’ experts. Energy transition is central to our work programme, and with DNV, we will enhance IOGP’s support for the rapid decarbonization of upstream oil and gas.”
The world is not on track to meet the targets of the Paris Agreement, and must do much more to transition faster to a deeply decarbonized energy system, as set out in DNV’s Pathway to Net Zero Emissions. The upstream oil and gas industry is already taking steps to decarbonize oil and gas production, and many organisations are lowering the emissions intensity of their portfolios by investing in large-scale renewables, particularly offshore wind projects. Alongside, the industry is focusing on technologies such as hydrogen and CCS.