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FACTBOX-Big Oil's climate targets vary widely

2040

(Adds details on Repsol) Feb 12 (Reuters) - BP pledged to sharply reduce its carbon emissions by 2050 as newly appointed CEO Bernard Looney looks to revamp the 111-year old company to ensure it does not fall behind rivals in its climate ambitions. BP's planned changes position it ahead of rivals such as Royal Dutch Shell, Total and all U.S. oil majors. Smaller Spanish peer Repsol has set similarly ambitious net zero carbon targets for the oil products it sells, but the much larger scale of BP's operations put its aims at the forefront of the oil and gas sector. Investors and analysts say the various self-imposed greenhouse gas (GHG) reduction targets and plans set by the world's big oil and gas companies are difficult to compare.

Intensity-based targets measure the amount of GHG emissions such as methane or carbon dioxide per unit of energy or barrel of oil and gas produced. That means that absolute emissions can rise with growing production, even if the headline intensity metric falls. The table below shows details by company (in alphabetical order):

Targets Scope 1 Scope 2 Scope 3 Link to executive pay DetailsBP yes yes yes yes Bring net GHG

emissions from its equity barrels from well to petrol station to zero by 2050

Reduce GHG intensity of all products it sells by 50% by 2050

Chevron yes no no yes Lower upstream

oil net GHG emission intensity by 5-10%, upstream natural gas net GHG emission intensity by 2-5% by 2023

Methane intensity target

ConocoPhi yes yes no Reduce GHG

emissions

llips intensity by up

to 15% (CO2e per boe) by 2030 per boe vs 2017 levels

Eni yes yes no yes Net zero carbon

footprint for upstream by 2030

Reduce upstream emissions intensity by 43% (CO2 per boe) by 2025 vs 2014 levels

Forestation projects to offset 20 mln t of CO2/yr by 2030

Methane reduction target

Equinor yes yes yes yes Reduce intensity

of Scope 1, 2, 3 emissions by 50% by 2050 vs 2020

Reduce GHG emissions incl. methane (Scope 1 and 2) in Norway by 40% by 2030, 70% by 2040 and to near zero by 2050

Reduce CO2 per boe produced to 8kg by 2030

Methane intensity target

Exxon yes no no no Methane

intensity target

Repsol yes yes yes yes Reduce net

carbon emissions to zero by 2050 (incl. Scope 3 from own barrels produced)

Reduce carbon intensity vs 2016 by 10% by 2025 (per gigajoule), 20% by 2030, 40%

Reduce absolute emissions by 3 mln tonnes by 2025 (incl. Scope 3)

Reduce methane emissions by 25% by 2025

Shell yes yes yes yes Ambition to

halve GHG emissions intensity by 2050 (per megajoule)

Reduce carbon intensity by 2-3% by 2021

Use of carbon sinks, forestation if needed

Methane intensity target

Total yes yes yes yes Reduce Scope 1+2

emissions to below 40 mln t by 2025

Reduce energy products' carbon intensity by 15% by 2030 vs 2015 (per Btu)

Five mln tonnes/year of carbon sinks by 2030

Methane intensity targets NOTE: 1) Scope 1 refers to emissions from a company's direct operations, such as a diesel generator on an offshore platform 2) Scope 2 are emissions from the power a company uses for its operations, such as gas-powered electricity purchased 3) Scope 3 includes emissions from products sold, such as gasoline sold at petrol stations or jet fuel sold to an airline 4) BOE stands for barrels of oil equivalent

(Reporting by Shadia Nasralla and Ron Bousso; Editing by Mark Potter/Jason Neely/Jane Merriman)