Key role of natural gas
Natural gas plays a key role in the energy transition, which is why we have taken on the objective of reducing methane intensity by 25% in our operated assets by 2025, compared to 2017. By 2030, we have set out a new concrete target of reaching a methane intensity of 0.2%, a value recognized as close to zero intensity by the O&G industry and which is also consistent with the target announced by the OGCI (Oil and Gas Climate Initiative), of which Repsol is a member. In order to achieve this goal, we focus primarily on three courses of action:
Governments have a pivotal role in developing and implementing policy and regulation that achieve ambitious methane emission reduction outcomes. For that reason, Repsol, together with bp, the Environmental Defense Fund, Eni, Equinor, the Florence School of Regulation, the Rocky Mountain Institute, Shell, Total, and Wintershall Dea, proposed a number of policy recommendations to the European Commission in May 2020 aimed at driving the reduction of methane emissions within the framework of Europe's Green Deal.
Repsol welcomes the opportunity offered by the European Commission with the publication of the EU methane strategy to reduce methane emissions on October 14th, 2020. In our continuous pursuit of transparency, we strongly support the Commission's proposal on monitoring, reporting, and verification (MRV) processes for energy-related methane emissions, building on the methodology established by the Oil & Gas Methane Partnership (OGMP). The establishment of an independent international methane emissions observatory is key for transparency and will enable industry to unify criteria and methodologies.
New measures on mandatory leak detection and repair (LDAR) across the gas value chain and the implementation of new technologies and improved data from satellites will help to speed up the mitigation actions. In order to address real reductions, we acknowledge the need of a performance standard, including from imports. Our OGCI collective ambition of an intensity-based 0.2% for the upstream segment by 2025 can be used as a reference, as suggested in our recommendations to the European Commission.