December 12, 2022

Aiming for Zero Methane Emissions Initiative

XP is proud to become the latest signatory of the Aiming for Zero Methane Emissions Initiative, joining 17 producers, including the members of the Oil & Gas Climate Initiative (OGCI), to strive to achieve near zero methane emissions from operated oil and gas assets by 2030.

The Aiming for Zero Methane Emissions Initiative supplements important multi-stakeholder initiatives, such as the Methane Guiding Principles, the Oil and Gas Methane Partnership 2.0 and the Global Methane Alliance, aimed at eliminating the oil and gas industry’s methane emissions.

Currently, the signatories of the initiative are: Aramco, BP, Chevron, CNPC, ENI, Equinor, ExxonMobil, Neptune Energy, Occidental, Petrobras, Qatar Energy, Repsol, Shell, TotalEnergies, Var Energi, Wintershall, and Woodside Energy.

In addition to the signatories, dozens of non-operating industry participants have joined the initiative as supporters.

This is a second major multi-stakeholder industry initiative that XP has joined recently. In May 2022, XP became the first Romanian company to join OGMP 2.0, measurement-based reporting framework for the oil and gas industry that improves the accuracy and transparency of methane emissions reporting in the oil and gas sector.

 “We are proud to join another important industry initiative aimed at elimination of methane emissions, alongside such distinguished members. We are convinced that oil and gas upstream industry can and must do more towards emissions reduction. Sustainable upstream operation is the cornerstone of XP’s approach to business, and we are committed to continue reduction of our environmental footprint, including methane emission, through application of new technologies and processes optimization,” said David Martinon, CEO of XP.

A quote from AFZ/OGCI representative: OGCI Executive Committee Chair Bjørn Otto Sverdrup said: “I am delighted XP has joined the Aiming for Zero Methane Emissions Initiative. XP’s commitment further strengthens the initiative, sending a clear signal that the time for incremental change is past.

About OGCI:

The Oil and Gas Climate Initiative is a CEO-led organization bringing together 12 of the largest oil and gas companies worldwide to lead the industry’s response to climate change. It aims to accelerate action towards a net zero emissions future consistent with the Paris Agreement. OGCI members are Aramco, bp, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell and TotalEnergies.

Together, OGCI member companies represent about 30% of global oil and gas production.

OGCI members set up OGCI Climate Investments to create a US$1 billion-plus fund that invests in companies, technologies and projects that accelerate decarbonization within energy, industry, built environments and transportation.

About XP:

XP is an international upstream oil and gas operating company, managing 28 mature oil and gas fields (600+ producing wells) in Romania and Ukraine in partnership with OMV Petrom and Naftogaz under production enhancement contracts (PEC). XP invests in mature assets’ development, using fit for purpose technologies to enhance their production and reserves, increase operational efficiency, and reduce environmental footprint, in order to make them more sustainable.