Australian LNG player, Woodside, has joined a group of majors in signing guiding principles committing to reduce methane emissions from the natural gas assets it operates.
The group includes BP, Eni, ExxonMobil, Gazprom, Repsol, Shell, Statoil, Total and Wintershall, and by signing the guiding principles, Woodside aims to encourage others across the natural gas value chain to do the same.
This commitment forms part of wider efforts by the global energy industry to ensure that natural gas continues to play a critical role in helping meet future energy demand while addressing climate change, Woodside said in a statement.
Since natural gas consists mainly of methane, a potent greenhouse gas, its role in the transition to a low-carbon future will be influenced by the extent to which methane emissions are reduced.
The guiding principles focus on continually reducing methane emissions, advancing strong performance across gas value chains, improving the accuracy of methane emissions data, advocating sound policies and regulations on methane emissions, and increasing transparency.
The guiding principles were developed in collaboration with the Environmental Defense Fund, the International Energy Agency (IEA), the International Gas Union, the Oil and Gas Climate Initiative Climate Investments, the Rocky Mountain Institute, the Sustainable Gas Institute, The Energy and Resources Institute, and United Nations Environment.