PetroChina commits to the Oil & Gas Decarbonization Charter

PetroChina joins over 50 oil and gas producers in a global effort to reduce carbon emissions, now accounting for 42% of global production.

Share:

Réunion des dirigeants de PetroChina et de l'OGDC lors de la signature de la Charte de Décarbonisation.

China’s state-owned PetroChina recently signed the Oil and Gas Decarbonization Charter (OGDC), launched at COP28.
This commitment marks a crucial step in the global oil and gas industry’s commitment to more sustainable practices. The Charter, which brings together over 50 producers representing 42% of global production, aims to reduce carbon emissions and promote green initiatives. Prof. Dr. Sultan Al Jaber, President of the COP28We launched the Oil & Gas Decarbonization Charter at COP28 to include all stakeholders in the effort to combat climate change. It is crucial that oil and gas companies actively participate in practical solutions to keep the 1.5°C target within reach.”

PetroChina’s Green Strategy

Huang Yongzhang, Chairman of PetroChina, affirmed the company’s commitment to green development and the transition to a low-carbon economy.
He said, “PetroChina is committed to gradually substituting fossil fuels with clean energy sources, strategically replacing traditional methods and developing in a green way. We are transforming PetroChina into an integrated energy company, covering oil, gas, thermal power, electricity and hydrogen.” This is part of a three-stage strategy: clean substitution, strategic replacement and green development.
PetroChina is also stepping up its efforts in carbon capture, utilization and storage (CCUS) through industrial demonstration projects.

Global Impact and Collaboration

Bjørn Otto Sverdrup, head of the OGDC secretariat, welcomed PetroChina’s membership as a significant step towards decarbonizing the industry.
“The announcement by PetroChina executives demonstrates the growing influence of Chinese oil and gas companies in promoting low-carbon solutions. We look forward to working together to achieve our climate goals in line with the ambitions of the Charter.” The OGDC, launched at COP28 in Dubai, is part of the Global Decarbonization Accelerator (GDA), a series of initiatives aimed at accelerating the energy transition and drastically reducing global emissions.
Signatories to the Charter commit to achieving emissions targets, investing in the energy system of the future, measuring their emissions and reporting publicly on their progress.

Transparency and Training

The Charter provides a collaborative platform for signatories, industry partners and organizations to share knowledge and best practices.
Since its launch, the OGDC secretariat has implemented a structured training program focusing on high-impact priorities for 2024, such as methane emissions reduction and flaring, decarbonization strategies and greenhouse gas (GHG) emissions reporting.
Signatory companies, two-thirds of which are national oil companies (NOCs), play a crucial role in reducing global emissions.
NOCs, which control 60% of the world’s oil and gas production, are key players in the transition to a low-carbon future.
PetroChina’s membership of the OGDC reinforces the global momentum towards a more sustainable oil and gas industry, demonstrating the growing commitment of major industry players to contribute to the fight against climate change.

The expansion of the global oil and gas fishing market is accelerating on the back of offshore projects, with annual growth estimated at 5.7% according to The Insight Partners.
The Competition Bureau has required Schlumberger to divest major assets to finalise the acquisition of ChampionX, thereby reducing the risks of market concentration in Canada’s oilfield services sector. —
Saturn Oil & Gas Inc. confirms the acquisition of 1,608,182 common shares for a total amount of USD3.46mn, as part of its public buyback offer in Canada, resulting in a reduction of its free float.
OPEC slightly adjusts its production forecasts for 2025-2026 while projecting stable global demand growth, leaving OPEC+ significant room to increase supply without destabilizing global oil markets.
Talks between European Union member states stall on the adoption of the eighteenth sanctions package targeting Russian oil, due to ongoing disagreements over the proposed price ceiling.
Three new oil fields in Iraqi Kurdistan have been targeted by explosive drones, bringing the number of affected sites in this strategic region to five in one week, according to local authorities.
An explosion at 07:00 at an HKN Energy facility forced ShaMaran Petroleum to shut the Sarsang field while an inquiry determines damage and the impact on regional exports.
The Canadian producer issues USD 237 mn in senior notes at 6.875 % to repay bank debt, repurchase USD 73 mn of 2027 notes and push most of its maturity schedule to 2030.
BP revised upwards its production forecast for the second quarter of 2025, citing stronger-than-expected results from its US shale unit. However, lower oil prices and refinery maintenance shutdowns weighed on overall results.
Belgrade is engaged in complex negotiations with Washington to obtain a fifth extension of sanctions relief for the Serbian oil company NIS, which is majority-owned by Russian groups.
European Union ambassadors are close to reaching an agreement on a new sanctions package aimed at reducing the Russian oil price cap, with measures impacting several energy and financial sectors.
Backbone Infrastructure Nigeria Limited is investing $15bn to develop a 500,000-barrel-per-day oil refinery in Ondo State, a major project aimed at boosting Nigeria’s refining capacity.
The Central Energy Fund’s takeover of the Sapref refinery introduces major financial risks for South Africa, with the facility still offline and no clear restart strategy released so far.
PetroTal Corp. records production growth in the second quarter of 2025, improves its cash position and continues replacing key equipment at its main oil sites in Peru.
An explosion caused by a homemade explosive device in northeastern Colombia has forced Cenit, a subsidiary of Ecopetrol, to temporarily suspend operations on the strategic Caño Limón-Coveñas pipeline, crucial to the country's oil supply.
U.S. legislation eases access to federal lands for oil production, but fluctuations in crude prices may limit concrete impacts on investment and medium-term production, according to industry experts.
Permex Petroleum Corporation has completed a US$2mn fundraising by issuing convertible debentures, aimed at strengthening its cash position, without using intermediaries, and targeting a single institutional investor.
Petróleos de Venezuela S.A. (PDVSA) recorded $17.52bn in export sales in 2024, benefiting from increased volumes due to U.S. licences granted to foreign partners, according to an internal document seen by Reuters.
The detection of zinc in Mars crude extracted off the coast of Louisiana forced the US government to draw on its strategic reserves to support Gulf Coast refineries.
Commissioning of a 1.2-million-ton hydrocracking unit at the TANECO site confirms the industrial expansion of the complex and its ability to diversify refined fuel production.