This paper builds upon past work1 to document the technological progress made by the oil and gas exploration and production (E&P) industry and the environmental benefits realized from this progress. The improvements in environmental performance made by the E&P industry is documented, industry and societal trends examined, and technological advances contributing to its performance highlighted. The paper describes how company environmental performance has evolved from a necessary activity to comply with regulatory requirements to a major factor differentiating companies to stakeholders, including customers and the communities within which they operate -- or wish to operate. Several new concepts of environmental performance are introduced, particularly relating to extracting environmental value from existing infrastructure. Finally, the paper concludes by describing the likely key future role the E&P industry will play in addressing arguably the most important environmental issue of our time – global climate change.

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