The Oil and Gas Climate Initiative (OGCI), grouping together BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and Total, has set a carbon intensity target, seeking to reduce the average carbon intensity of the companies' upstream oil and gas operations from around 23 kgCO2e/boe in 2017 to 20-21 kgCO2e/boe by 2025. According to the OGCI, this would correspond to a reduction of 36 to 52 MtCO2eq each year by 2025 (assuming a stable oil and gas production).
However, since the target is set as a carbon intensity, CO2 and methane emissions from oil and gas exploration and production and from associated imports of electricity and steam could increase when hydrocarbon production rises. In addition, some oil and gas companies have a lower CO2 intensity that the target such as Saudi Aramco (10 kgCO2eq/boe in 2019), while some other such as BP, Shell or Total have already issued plans with more ambitious emission cut targets.