A GLOBAL energy consultancy based in Aberdeen has identified millions of pounds worth of cost saving opportunities for a leading Middle East oil operator.
Xodus, headquartered in the Granite City, completed a major benchmarking emissions review of the operator’s full asset portfolio.
After pinpointing ways to reduce both financial expenditure and energy output, overall savings are estimated to be between £7m and £11m a year.
The team identified more than 100 emission reduction opportunities, representing a minimum 20% reduction in total Co2 emissions.
It comes after a raft of carbon emission pledges from various states across the region.
The UAE and Saudia Arbia have both pledged to go net zero by 2050 and 2060, respectively, with Bahrain and Israel also making similar pledges.
Meanwhile, Qatar has said that by 2030 it will have cut emissions by at least a quarter.
According to the Organisation for Petroleum Exporting Countries (OPEC), 64.5% of the OPEC’s total known oil reserves are in the Middle East.
The scale of gas and oil production in the region makes it a key area for development in regard to the battle against climate change.
By sustainably reducing emissions from Middle Eastern production assets, global climate targets are significantly more likely to be achieved.
Last week, the UK government announced £5m of funding to expand the Met Office’s Weather and Climate Information services in the Middle East and North Africa.
This means that the UK has now committed £60m over five years to tackle climate and biodiversity issues in the region.
Xodus spent six months on its review, which also covered national and international guidance, legislation, policy and an energy efficiency framework.
Natasha Howlett, emissions lead at Xodus, said: “The comprehensive review of greenhouse gas emissions gives our client a clear understanding of their emissions baseline, along with a robust hopper of improvement opportunities and how best to prioritise these for implementation in order to decarbonise a portfolio of assets.
“This exercise has demonstrated this client’s ambitions as a decarbonisation leader for the region. Oil and gas operators are looking to responsibly reduce emissions and ultimately achieve net zero.
“Benchmarking and opportunity identification are vital first steps in order to ensure that this complex journey to net zero is manageable and will deliver big impacts when it comes to cutting both emissions and costs.”
