As climate concerns outpace the transition to cleaner energy, attention is turning to the greatly varying carbon intensity of the oil industry itself — as well as that of its customers. Producing, refining and transporting oil accounts for 15% to 40% of the greenhouse gas emissions released throughout its full life cycle. At the low end of the range are producers like Saudi Arabia and Norway, which engage in little flaring or methane venting. The upper range is dominated by producers of extra-heavy oil and those that flare and vent more often. Among them are Venezuela, Canada and Algeria.
This differential is becoming an arena for competition. International oil companies (IOCs) and national oil companies (NOCs) are investing in emissions reductions, with a few even striving for carbon neutrality. Will these investments be repaid in higher profits, or a longer-lasting role for oil in a decarbonizing economy? How can carbon advantages be monetized? At this webinar, a panel of experts discussed the trends in oil company competition on carbon.
This event was sponsored by the Baker Institute Center for Energy Studies. Follow @CES_Baker_Inst on Twitter, and join the conversation online with #BakerEnergy.
View slides from the presentation here and here.
9:00 a.m. — Presentation
9:40 a.m. — Q&A
Head of Carbon Research, Wood Mackenzie
Chief U.S. Economist and Head of Oil Analysis, BP
Hassan El-Houjeiri, Ph.D.
Climate and Sustainability Technology Strategist, Saudi Aramco
Jim Krane, Ph.D.
Wallace S. Wilson Fellow for Energy Studies, Baker Institute