Low Carbon Technologies and Strategies for Oil and Gas

Both the oil and gas sector and the mining sector are feeling investor pressure to reduce operational and value-chain carbon emissions. Consequently, whilst fundamentally different in nature, these sectors have an opportunity to learn from each other in their quest to deploy low-carbon strategies and technologies. To facilitate such learning, this paper explores the emissions-reduction pathways and least-cost abatement solutions employed by some of the world’s largest companies. These solutions have been designed to meet the demands of major investors and to comply with Science-based Targets—criteria that are also critically important to oil and gas companies. Drawing upon the Deloitte Decarbonization tool, originally developed for the mining sector, the paper also explores methods for addressing the challenge of decarbonization in an economically viable manner. While the decarbonization pathways for oil and gas companies may be different than those for mining companies, the principles remain the same.