Key Technologies in Pursuit of the Decarbonization of the Oil and Gas Industry

Achieving 2050 net-zero emissions targets hinges on the rapid decarbonization of the oil and gas sector. Yet, surprisingly, no study to our knowledge offers a comprehensive quantitative analysis of the economic performance of decarbonisation technologies deployed in this sector. This study addresses this gap through a content analysis of 549 Climate Disclosure Project (CDP) reports across 113 companies spanning 2013–2022. Through direct performance comparisons, we reveal the low-carbon energy technologies, process optimisation efforts, and leak detection and repair measures that deliver the most substantial GHG reductions per unit of economic input. Our study, therefore, supports oil and gas industries in managing investment portfolios in decarbonization technologies, and policymakers in creating incentives and regulations to promote GHG reductions in oil and gas. By prioritizing these technologies, both industry and governments can accelerate meaningful progress toward global net-zero goals.