Woodside Energy has joined the United Nations Environment Program (UNEP) Oil & Gas Methane Partnership 2.0 (OGMP 2.0), a leading measurement-based reporting framework which enables improved accuracy and transparency for methane emission reporting.
A flagship program of UNEP, OGMP 2.0 is intended to provide the public assurance that methane is being managed responsibly by participating companies in the oil and gas sector.
Woodside CEO Meg O’Neill said: ‘Woodside is pleased to extend our leadership in minimizing methane emissions by being OGMP 2.0’s first Australian member. “As part of our methane strategy, Woodside is striving for near-zero methane emissions on operated assets by 2030.
“We also provide industry leadership and advocacy in support of methane emissions reductions across the entire value chain through our membership of the Methane Guiding Principles (MGP), particularly as the project lead of the Midstream Initiative, which is focused on reducing methane emissions in specific value chains and regions.”
Giulia Ferrini, OGMP 2.0 Program Manager, said: “We are thrilled to welcome Woodside to the Partnership as its first member company in Australia. This is a valuable step towards expanding methane accountability and transparency across industry and the region. As customers, investors and governments demand stronger methane performance, we hope Woodside’s commitment will inspire others to join OGMP 2.0 and adopt a high standard of emissions reporting and management.”
Woodside’s historic focus on minimizing emissions means that in 2022, our methane emissions were calculated to be around 0.1% of our production by volume, well below the Oil and Gas Climate Initiative (OGCI) methane intensity target of below 0.2%.
Today’s announcement supports Woodside’s net equity Scope 1 and 2 greenhouse gas emissions reduction targets and asset decarbonization plans, and also complements other initiatives which Woodside supports, including the Oil and Gas Decarbonization Charter announced at the 28th UNFCCC Conference of the Parties (COP28), the World Bank’s Zero Routine Flaring Initiative, the OGCI’s Near Zero Methane Initiative, MGP and the ASEAN Methane Leadership Program.
Woodside’s methane plan comprises four key pillars: developing a high-integrity measured dataset; striving for near-zero methane emissions; transparent reporting; and leadership through advocating and collaborating with others.
Woodside has targets to reduce net equity Scope 1 and Scope 2 emissions by 15% by 2025 and 30% by 2030 and has an aspiration for net zero by 2050 or sooner.