XP Achieved Gold Standard Pathway Status from the Oil & Gas Methane Partnership (OGMP) 2.0
On December 1st at the COP28 was launched the Annual International Methane Emissions Observatory (IMEO) report in which it is announced that XP has achieved the Gold Standard Pathway status from the Oil & Gas Methane Partnership (OGMP 2.0). This acknowledgment reflects XP commitment to develop a credible and robust implementation roadmap to achieve the highest level in methane emissions monitoring within the next 3 years.
This achievement underscores XP’s unwavering dedication to addressing methane emissions with transparency and responsibility.
OGMP 2.0 is the leading initiative from the United Nations Environment Program, Environmental Defense Fund, and the Climate and Clean Air Coalition dedicated to improving methane emissions reporting within the oil and gas sector.
“We appreciate OGMP’s recognition and look forward to being part of the global effort to address methane emissions in the oil and gas industry. As such, we remain committed to implementing our roadmap and to continue our efforts to reduce methane emissions across our operations and reach our target of 0,2% methane intensity by 2025,” David Martinon – XP’s CEO said.
‘An eye on methane: The road to radical transparency’ 2023 report takes stock of progress harnessing an imminent data revolution that can accelerate methane reduction on a global scale. Credible data has the potential to deliver the transparency needed for rapid climate action, but only if reconciled, integrated, and put into the hands of those who can act on it.
The International Methane Emissions Observatory’s third annual report provides decision makers a framework of action to track and monitor methane emissions to plan targeted and ambitious action for their mitigation.
OGMP 2.0: Radical transparency in the Oil and Gas sector
OGMP 2.0 was engineered to evolve, ensuring that the programme could move from aspiration to practice, while remaining steadfast in its theory of change and embracing the differing starting points of individual members’ journeys to reduce methane emissions. This transformation embraces the process, resulting in credible and steady progress while adhering to the OGMP 2.0 timeline for incremental progress, rather than the endpoint alone. OGMP 2.0 has a principle-based, rather than a rule-based approach, to accommodate the operational diversity of its members and to allow innovation in measurement and mitigation approaches.
While members join in various stages of their emission discovery and the required mitigation, Gold Standard reporting sets out rigorous deadlines against which a member must transition its emissions understanding to greater granularity and higher quality.
Members commit to improve the quality of their methane emission data to Levels 4 and 5 by the third year of reporting for all material operated assets and by year five for all material non-operated assets. They document this with a comprehensive implementation plan.
Through the rapid transition to higher-quality and more complete understanding of emissions, on an asset-by-asset /basis at the source level, operators develop the critical data necessary to implement meaningful mitigation and for asset managers to prioritize capital towards the largest and most cost-effective reduction opportunities.
More than half of the current OGMP 2.0 members submitted their second annual report in May 2023. This means that they will transition to Gold Standard reporting in 2024, with implementation of their Level 4 methods and Level 5 reconciliation well under way.
About XP
XP, former Expert Petroleum, have more than 18 years of operations on redeveloping mature oil and gas fields to make them safer, greener, and more productive. Based on the strong experience the company rebrands in 2022 as XP continuing the journey and support its partners even further towards sustainable upstream operations. XP share its knowledge and expertise both to production enhancement under its Uplift division and operations decarbonization solutions under the Upgreen division.
