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The role of NOCs on the road to net zero: WoodMac
NOCs dominate the global oil and gas space – producing 50% of liquids and 48% of gas in 2021. And as some IOCs diversify away from oil and gas as part of their energy transition strategies, this is only likely to increase.
But high levels of production result in high absolute greenhouse gas emissions from upstream activities. Of the almost 100 companies included in our Emissions Benchmarking Tool, NOCs account for nearly half of the top 20 upstream emitters (scope 1 and 2) in 2021, and take the top two spots.
NOCs must play a role in the global mission to decarbonise – could 2021 be a game-changing year?