ExxonMobil Corp. (NYSE: XOM) joined European peers including Royal Dutch Shell Plc (NYSE: RDS.A) and Total SA (NYSE: TOT) in a new initiative to find ways to reduce potent emissions in their rapidly growing natural gas operations.
BP Plc (NYSE: BP), Italy's Eni SpA (NYSE: E), ExxonMobil, Spain's Repsol SA, Shell, Norway's Statoil ASA (NYSE: STO), Total and Wintershall AG "committed to further reduce methane emissions from the natural gas assets," they said in a joint statement.
Methane, one of the most potent greenhouse gases emitted into the atmosphere, is released during the extraction, processing and transporting of natural gas.
For example, around 10% of gas transformed into LNG is released into the atmosphere between production and consumption, according to consultancy Wood Mackenzie.
The new initiative is the latest step by the world's leading oil and gas companies to reduce carbon emissions from their operations to help meet U.N.-backed goals to limit global warming.
Last year, a group of ten companies set up the Oil and Gas Climate Initiative, representing more than 20% of the world's production. ExxonMobil did not join that initiative.
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