Oil & Gas

The challenge: Methane pollution is super-charging extreme weather and disrupting communities, supply chains and entire economic sectors. The main component of natural gas, it is 80 times more potent than carbon dioxide in the near term. When it escapes through leaks, venting or flaring, it fuels climate instability and wastes a valuable resource.

In 2024, oil and gas operations emitted around 83 million tonnes of methane, roughly equivalent to all the LNG imported to Europe during the same period. National oil companies (NOCs), which produce more than half of the world’s oil and gas and hold an even larger share of reserves, are central to addressing this challenge.

The good news: The oil and gas industry can reduce its emissions by about 70% using tools available today, often at a low cost.

Capturing and selling gas can also boost revenue and improve operations. Leading companies, including several NOCs, are already acting — reducing emissions, improving efficiency, and meeting expectations from investors and customers.

How business can lead: Cutting methane is one of the most impactful ways for companies to lead on climate and energy. By improving how they monitor and manage emissions, companies can strengthen operations, build credibility and stay competitive.

For NOCs, the opportunity is even greater. Reducing methane emissions strengthens energy security, protects valuable resources and helps ensure that energy remains affordable and accessible. Challenges still exist, but more and more companies are showing that cutting methane is a smart business move. Acting now positions businesses to attract investment, retain access to key import markets, and achieve climate and energy goals.