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Independent verification of upstream carbon intensity per barrel of oil
With sustainability growing increasingly important on company agendas, Intertek has launched CarbonClear, reportedly the world’s first independent programme to independently verify the upstream carbon intensity of exploration and production (E&P) operations per barrel of oil.
CarbonClear not only evaluates emissions across all stages of E&P, but also delivers a consistent cradle-to-gate validation of the carbon impact of producing one barrel of oil equivalent (boe) per field or across a company’s portfolio, explains Intertek.
Investors increasingly want oil and gas companies to be more transparent in disclosing the carbon emissions associated with the E&P process, with the majority looking for producers to put in place carbon neutral plans. According to independent research, over three-quarters of respondents surveyed said that they would actively use independent carbon certification data when deciding whether to invest into the sector, 90% want all oil and gas companies to adopt such a certification and 98% believe that doing so would help the industry to be more transparent and supportive of sustainability.
While globally recognised frameworks for evaluating greenhouse gas (GHG) emissions are well established, previously there was no existing framework that would allow for benchmarking production emissions against peers in the marketplace, explains Intertek.
Using the new certification programme, production companies will now be able to track their performance improvements year-over-year, facilitating portfolio decisions that reduce carbon impact across their operations and provide data-driven insights that support their strategic carbon reduction goals, it says.