STANFORD, CA — BP, one of the largest oil and gas suppliers in the U.S., announced that it has reduced its greenhouse gas emissions by more than 9 million tons eight years ahead of target, and that it will peg net future emissions at this new, lower level despite plans to increase its oil and gas production by 5.5% per year.

In a speech at Stanford University, Lord Browne, chief executive officer, said that the company’s pledge, made four years ago, to cut emissions from its operations by 10% from 1990 levels by the year 2010 has already been achieved, and at no net cost to the company.

Browne remarked that BP's target now was to contain net emissions at current levels through the next decade. This would be done partly through internal actions, primarily more efficient use of energy.

“By applying existing knowledge across the span of our operations, and selective new capital investment in areas such as cogeneration, we believe we can achieve a 10 to 12 percent improvement in the efficiency of our energy use. In total, we think we can deliver around half the reductions necessary to sustain our internal emissions at 10 percent below 1990 levels through efficiency gains.”

The company also plans to implement the use of carbon credits resulting from its accelerated shift to natural gas and other lower-carbon products, as well as cleaner fuels and lubricants necessary for the development of lower-emission engines.

Publication date: 03/11/2002