GCC’s Oil and Gas upstream value chain Carbon emissions estimated to increase by 20 to 30%

GCC’s Oil and Gas upstream value chain Carbon emissions estimated to increase by 20 to 30%

The era in which oil and gas (O&G) companies must demonstrate the carbon-neutral operational capacity of new portfolio assets looms ever-closer, and GCC operators must act now to establish sustainable decarbonization strategies, according to a new report by Boston Consulting Group (BCG). The report, titled 'A Decarbonization Roadmap for Upstream Oil and Gas,' explains how firms can reduce their carbon footprint in response to pressure from stakeholders and regulators, build a stronger brand, and drive evolution across the industry. Data from BCG's proprietary decarbonization tool show that total upstream value chain emissions from GCC based O&G companies are equivalent to almost a third of the total emission contributions from the GCC. Hydrocarbon combustion for own use-power generation and venting during gas processing stand out as being major sources