{"id":9459,"date":"2020-11-15T14:04:31","date_gmt":"2020-11-15T10:04:31","guid":{"rendered":"https:\/\/pressreleasenetwork.com\/site\/?p=9459"},"modified":"2020-11-15T14:04:33","modified_gmt":"2020-11-15T10:04:33","slug":"gccs-oil-and-gas-upstream-value-chain-carbon-emissions-estimated-to-increase-by-20-to-30-percent-in-the-coming-decade-if-steps-are-not-taken","status":"publish","type":"post","link":"https:\/\/pressreleasenetwork.com\/site\/2020\/11\/15\/gccs-oil-and-gas-upstream-value-chain-carbon-emissions-estimated-to-increase-by-20-to-30-percent-in-the-coming-decade-if-steps-are-not-taken\/","title":{"rendered":"GCC\u2019s Oil And Gas Upstream Value Chain Carbon Emissions Estimated To Increase By 20 To 30 Percent In The Coming Decade If Steps Are Not Taken"},"content":{"rendered":"

The era in which oil and gas (O&G) companies must demonstrate the carbon-neutral operational capacity of new portfolio assets looms ever-closer, and GCC operators must act now to establish sustainable decarbonization strategies, according to a new report by Boston Consulting Group (BCG)<\/a>. The report, titled \u2018A Decarbonization Roadmap for Upstream Oil and Gas<\/em><\/a>,\u2019 <\/em>explains how firms can reduce their carbon footprint in response to pressure from stakeholders and regulators, build a stronger brand, and drive evolution across the industry.<\/p>

Data from BCG\u2019s proprietary decarbonization tool show that total upstream value chain emissions from GCC based O&G companies are equivalent to almost a third of the total emission contributions from the GCC. Hydrocarbon combustion for own use-power generation and venting during gas processing standout as being major sources of the emissions.<\/p>

Emissions from the GCC\u2019s upstream value chain in the past have been typically lower than the global averages, however,with many other players taking strong decarbonization measures, this advantage may soon erode. Further estimates from BCG\u2019s tool point out that emissions from the upstream value chain in the GCC will increase by 20-30% in the next 10 yearsif no emission reduction initiatives are implemented.<\/p>

\u201cUtilizing BCG\u2019s decarbonization tool, we provide a pathway to maintaining upstream emission at current levels for an estimated $40-$60 billion to be spent on carbon abatement technologies in the next decade. Moreover, our research identifies four decarbonizations levers across the upstream value chain that can be leveraged to achieve sustainability and meet carbon footprint reduction objectives,\u201d said Cristiano Rizzi, Managing Director and Partner, BCG. \u201cIn the design and sourcing phase of the value chain, GCC oil and gas firms can adopt robust principles and tools to asset operations. Different phases of the chain do warrant several considerations in their own right. However, when taking into account the enormous pressure companies will be under by the mid-2020s, action should be taken now due to the considerable exploration and development timeframes.\u201d<\/p>

Decarbonization Levers<\/strong><\/p>