IADC recently co-hosted a webinar with American Petroleum Institute (API) on GHG emissions reporting.
During the webinar, API reviewed their emissions reporting guidance and template and opened up the forum to Drilling Contractors the opportunity to ask questions and voice concerns.
The webinar comes on the heels after the trade association’s comprehensive review of existing reporting frameworks and deep engagement with member companies, updating the API Compendium of GHG Emissions Methodologies for the Natural Gas and Oil Industry, its 20-year-old “foundational reference” for oil & gas operators. In November 2021, API released the Guidance Document for GHG Reporting. The guidance was developed with the objective to offer consistency, comparability, and clarity of information among operators.
The objective of the Guidance is to drive consistency of voluntary reporting by individual natural gas and oil companies of a core set of company-wide GHG indicators. The Guidance has been developed to provide common definitions for a core set of GHG indicators to guide individual company reporting and to enhance comparability across company-by-company climate-related reporting.
Benefits of API’s GHG Reporting Guidance
The API Guidance draws from existing natural gas and oil company reporting practices, builds on the industry’s own existing guidance for reporting, and takes into account relevant recommended GHG emissions reporting indicators from frameworks external to the oil and natural gas industry. The Guidance includes indicators for reporting GHG emissions on an absolute and an intensity basis, sections on GHG Mitigation, and Additional Climate-related Targets and Reporting that provide companies a way to demonstrate GHG emissions reduction activities.
The API Guidance and its Template also accommodate individual company reporting on both an Equity and an Operated basis, and individual companies may report on an Equity and/or Operated basis.
Key benefits:
- Enhances consistency and comparability across company-by-company climate-related reporting in the natural gas and oil industry.
- Enhances the industry’s ability to engage in policy making and in capital markets by providing a core set of relevant information to stakeholders.
- Works as a complement to other climate-related reporting frameworks and takes into account relevant GHG reporting indicators from these frameworks.
Template Downloads Available
API is provided webinar attendees a chance to go through the new Guidance & Reporting Template. API’s GHG reporting templates are also made available for download on the API website.
