Oil and gas production sites could slash their emissions by more than 80% by switching to green power or by using gas earmarked to be burned off.
A report from research firm Rystad Energy said on Thursday oil-producing rigs and other assets in the Norwegian Continental Shelf emit 86% less carbon dioxide per barrel of oil after fully electrifying.
Though other producing countries may face logistical hurdles, even partial electrification will significantly cut emissions, the analysts said.
Scientists estimate that the world needs to cut greenhouse gas emissions by around 43% by 2030 from 2019 levels to stand any chance of meeting the 2015 Paris Agreement goal of keeping warming well below 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial levels.
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About 140 billion cubic meters per annum of gas has been flared, a process where excess gas is burned off, globally in the last 10 years, equalling about 290 million tonnes of CO2 emissions annually.
Oil companies around the world opted to burn off the most natural gas in five years in 2023, according to a World Bank report.
Top oil and gas companies are aiming to cut their emissions at a rapid pace to reach their goals of achieving net zero by 2050 in terms of greenhouse gas discharge.
If the production assets at top oil and gas-producing regions of the world cut their emissions by 50%, the CO2 reduction would equate to about 0.025 degrees Celsius of global warming avoided by 2050, according to the report.
“Where it’s possible and economically viable, electrification has great potential to lower the industry’s emissions while maintaining production output,” said Palzor Shenga, vice-president of upstream research with Rystad.
- Reuters with additional editing by Sean O’Meara
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