German oil and gas producer Wintershall Dea is aiming to achieve net-zero emissions from upstream activities by 2030, in a move to address the issue of climate change.
The company aims to achieve this target through a combination of renewable and low-carbon energy.
Besides providing lower-carbon natural gas, Wintershall Dea has now set greenhouse gas (GHG) emissions reduction targets for production activities comprising scope one and two emissions as well as operated and non-operated upstream activities at ‘equity share basis’.
Last year, the operating activities of the company generated approximately 2.5 million metric tonnes of carbon-dioxide equivalents worldwide.
Wintershall Dea CEO Mario Mehren said: “For E&P companies it can’t just be business as usual. The future of energy is low-carbon.”
As Europe’s leading independent gas and oil company, Wintershall Dea supports the EU’s goal of achieving carbon neutrality by 2050.
Mehren adds: “The amounts of CO2 released in our activities are small compared with the CO2 emissions produced by the combustion of oil and gas. But reduce emissions that arise directly from our operations to net zero is a contribution that we can and want to make ourselves.”
Over the next ten years, Wintershall Dea plans to invest nearly €400m ($475m) in reducing GHG emissions.
It also supports the EU’s objective of being carbon-neutral by 2050 and aims to reduce its corporate methane intensity to 0.1% by 2025.
Mehren further added: “We have identified the technological areas where our assets and competencies can help in contributing to emission reductions. These include in particular CCS and hydrogen.
“For example, besides a methane pyrolysis research partnership with the Karlsruhe Institute of Technology, we have access to several depleted fields in the Southern North Sea, and to significant pipeline infrastructure in Europe that can be used for CCS and hydrogen transportation respectively.”
Earlier this month, Norwegian oil producer Equinor announced its ambition to achieve net-zero emissions by 2050 as part of its plans to become a ‘broad energy company’.
In May, French oil giant Total became the third of the ‘Big Six’ producers to make a net-zero emissions pledge.