Oil and Gas Climate Initiative (OGCI) members have jointly agreed to reduce their greenhouse gas emissions to not more than 21 kilograms of carbon dioxide equivalent (COE) per barrel of oil equivalent (BOE) by 2025, from 23 kilograms in 2017.

The OGCI’s 12 members, which account for over 30 percent of the global oil and gas production, are BP, Shell, Total, Chevron, Saudi Aramco, Occidental Petroleum, Petrobras, Repsol, Eni, Equinor, Exxon, and CNPC.

According to OGCI Chairman and former BP CEO Bob Dudley, members decided on a methodology to calculate carbon intensity and would keep calibrating as they go forward.

The targets would also be extended to other sectors such as refining and liquefied natural gas.

Exxon, which has resisted investor pressure to improve its disclosure on how it impacts the environment, expressed support for the OGCI targets.

Exxon did not disclose its carbon emissions in 2019.

The targets vary widely per company in scope and definition, with some exceeding the joint target.

For example, Norway’s Equinor aims to reduce its carbon dioxide intensity to below 8 kilograms of COE/BOE by 2025.

OGCI’s carbon intensity would be reported annually and reviewed by Ernst & Young as an independent third party.

The target also includes reductions in methane emissions, which the group had agreed to cut.