Insights from the USPI Safari about Greenhouse Gas:
The USPI Safari on Greenhouse Gas recently brought together 31 experts from the oil and gas sector in a webinar, led by Ian Cornwell from Kraken IM.
The purpose of the webinar was to present and discuss a possible role of international IM standards in the domain of greenhouse gas emissions and to explore in what stage of capital projects such standards would have maximum impact on GHG emission reduction.
Understanding Carbon Emissions:
The difference between CO2 and CO2e was explained, as well as the challenges of measuring and reducing emissions, especially concerning Scope 3 emissions.
Regulatory Landscape:
Participants were informed about the forthcoming regulations such as CBAM and IRA, along with an exploration of the potential implications these regulations may have on the sector. Additionally, there was an examination of emerging carbon pricing mechanisms.
Carbon Management Frameworks:
PAS 2080 was introduced as a “tool” for integrating carbon emission reduction early in project design, as the potential in that stage is the highest. There was a emphasis on the importance of setting and achieving carbon reduction targets through predictive modeling and standardized reporting.
Key Insights from Q&A Session:
The Q&A session shed light on the predictive nature of emission calculations in the early stages of large capital projects since the potential there is highest.
It was also pointed out that procurement practices may have an impact because of the way equipment is produced by suppliers (for example green steel).
It was noted that the further development of standards for CO2 and CO2e is important.
Closing Remarks:
In conclusion, Ian Cornwell expressed willingness to contribute to follow-up sessions organized by USPI. It was agreed the presentation will be distributed to the attendees.
The ongoing need for collaboration and knowledge sharing within the industry is considered important.
The USPI Safari on Greenhouse Gases provided a valuable platform for industry professionals to engage in meaningful dialogue on the use of standards in the domain of CO2 and CO2e in the oil and gas industry.
>>you can download the presentation and recording here