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Data year: 2023· Sources: CDP, IEA, EPA
15%
of global emissions
8.4
Gt CO2e / year
280
tCO2e / $M revenue
80%
Scope 3 share
Average emissions intensity for energy: oil & gas companies (2023 data)
| Company Size | tCO2e / employee | tCO2e / $M revenue |
|---|---|---|
| Independent producers | 450 | 350 |
| Mid-size E&P | 600 | 280 |
| Supermajors | 850 | 220 |
Independent producers
450
tCO2e / employee
350
tCO2e / $M rev
Mid-size E&P
600
tCO2e / employee
280
tCO2e / $M rev
Supermajors
850
tCO2e / employee
220
tCO2e / $M rev
Key decarbonization actions for the energy: oil & gas sector
Eliminate routine flaring and methane leaks
20-30% reduction in Scope 1
Electrify upstream operations with renewables
15-25% reduction in operational emissions
Invest in CCS for refining and processing
10-20% reduction in process emissions
Diversify into renewable energy generation
Long-term portfolio decarbonization
Develop low-carbon fuels (hydrogen, biofuels, SAF)
Gradual reduction in Scope 3 over decades
Most oil majors have weakened or withdrawn 2030 Scope 3 targets since 2023, citing market conditions.
The oil and gas sector is responsible for approximately 15% of global energy-related GHG emissions directly, and around 40% when including the combustion of its products (Scope 3).
Scope 3 emissions are the CO2 released when customers burn the oil, gas, and petroleum products the company sells. These typically account for 80-90% of a fossil fuel company's total emissions.
Most have reduced operational (Scope 1 & 2) emissions through efficiency and electrification, but Scope 3 emissions remain largely unchanged. Several majors have weakened their medium-term targets since 2023.
Among pure oil majors, none have credible 1.5°C-aligned targets. Companies like Ørsted and Enel that have transitioned away from fossil fuels are the genuine leaders.
Data represents global averages for 2023. Actual emissions vary by company, region, and methodology.