The oil sector is a significant contributor to CO2 emissions. The chemical and petrochemical sector is responsible for emitting as much as 3.6% of total emissions from the manufacturing of fertilizers, pharmaceuticals and refrigerants. Oil extraction and transportation process often results in emissions leaking into the atmosphere from damaged or poorly maintained pipes or from flaring. In a transition to a lower carbon economy, the sector is adopting more sustainable and efficient extraction and processing practices, incorporating IoT, analytics, satellite imagery and recycling.

The extraction and transportation of gas often result in methane leakage into the atmosphere either from flaring or from damaged and poorly maintained pipes. In a transition to a lower carbon economy, the sector is adopting more sustainable and efficient extraction and processing practices, incorporating IoT, analytics, satellite imagery and recycling. The sector also has a role to play in supporting deep decarbonization technologies, such as carbon, capture and storage and methane efficiencies.