Novatek

Novatek, a prominent natural gas extraction and services company headquartered in RU, reported its latest carbon emissions for the reporting year 2024. The company's total greenhouse gas emissions, encompassing Scope 1, 2, and 3, amounted to approximately 204.5 billion kg CO2e.

Breaking down these figures, Scope 1 emissions were reported at about 9.6 billion kg CO2e, and Scope 2 emissions at approximately 178.1 million kg CO2e. Scope 3 emissions constituted the largest portion, totalling around 181.7 billion kg CO2e. Significant contributors to Novatek's Scope 3 emissions include the use of sold products, which accounted for about 174.3 billion kg CO2e, and downstream transportation and distribution, at approximately 7.1 billion kg CO2e.

Looking at historical data, Novatek reported total emissions of about 176.6 billion kg CO2e in 2023 and 181.5 billion kg CO2e in 2022.

Novatek has outlined climate commitments with a focus on emission reductions. The company aims to reduce its Scope 1 emissions to near zero by the middle of the current decade (by 2025), with a baseline year set for 2016 for production entities. Similarly, Novatek aims to reduce its Scope 2 emissions to near zero by 2025, also using 2016 as a baseline. Baseline years for other business lines include 2017 for hydrocarbon processing entities and 2018 for LNG entities.

The company's sustainability reports provide further details, with specific production emission factors for direct GHG emissions intensity in the upstream segment and methane emissions intensity in the upstream, processing, and LNG segments. For instance, in 2024, direct GHG emissions intensity in the upstream segment was approximately 8,400 kg CO2e per mboe.