GlobalData offers a comprehensive analysis of Saudi Arabian Oil, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Saudi Arabian Oil‘s ESG performance. GlobalData’s company profile on Saudi Arabian Oil offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Smarter leaders trust GlobalData
Saudi Arabian Oil, also known as Saudi Aramco, has set target for net zero by 2050 from its wholly-owned operated assets. The company has set a target to reduce Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 52 million metric tons of CO2 equivalent 2035, while it aims to achieve a 15% reduction in upstream intensity for Scope 1 and Scope 2 emissions by 2035, measured in kilograms of CO2 equivalent per barrel of oil equivalent (kg CO2e/boe). In 2022, the company reported Scope 1 emissions of 55.7 MMtCO2e and Scope 2 emissions of 16.1 MMtCO2e, and its upstream carbon intensity was 10.31 kg CO2e/boe.
The company is taking significant steps to reduce its emissions and achieve its net-zero targets. Saudi Aramco has invested in initiatives such as restoring wetlands biodiversity and exploring the potential of microalgae as a low-carbon fuel source. The company has also set up a microalgae testing facility to study its growth and carbon sequestration capabilities. Additionally, Saudi Aramco is using captured CO2 emissions from industrial plants to increase microalgae productivity.
The EXPEC Computer Center successfully developed a solution to enhance energy efficiency and reduce emissions in operating subsurface artificial lift systems. Leveraging digital twin technology, it optimized the performance of electric submersible pumps (ESP). Through trial testing on 42 ESP lifted wells, the solution achieved an average 22% reduction in power consumption, translating to 12 GWh of energy savings in 2022. The projected implementation across all fields is expected to yield a 25% average reduction in artificial lift energy intensity at the company level.
These efforts align with Saudi Aramco's commitment to being a sustainable and environmentally conscious company. The company recognizes the importance of wetlands and their role in preserving biodiversity. By investing in initiatives like wetlands restoration and microalgae research, Saudi Aramco aims to make a significant impact in the fight against climate change. Aligned with the objectives of the Saudi Green Initiative, which aims to plant 10 billion trees and enhance the percentage of protected areas in Saudi Arabia to exceed 30%, Aramco intends to make investments in the planting of 31 million mangroves within the Kingdom by 2025. The company further plans to extend its efforts by planting 300 million mangroves in Saudi Arabia by 2035, along with an additional 350 million mangroves outside Saudi Arabia by the same target year.
In conclusion, Saudi Arabian Oil, or Saudi Aramco, has set net-zero targets and is taking proactive steps to reduce its carbon emissions. The company is investing in initiatives such as wetlands restoration and microalgae research to achieve its goals. By prioritizing sustainability and environmental consciousness, Saudi Aramco is making a profound impact in the battle against climate change.
Premium Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Company Filings Analytics uses machine learning to uncover key insights and track sentiment across millions of regulatory filings and other corporate disclosures for thousands of companies representing the world’s largest industries. This analysis is combined with crucial details on strategic and investment priorities, innovation strategies, and CXO insights to provide comprehensive company profiles.
