Maersk Drilling targets 50% CO2 emissions reduction by 2030

COPENHAGEN - As part of an overall sustainability strategy, Maersk Drilling has set an ambitious target of lowering the intensity of CO2 emissions from its drilling operations by 50% by 2030. The target is supported by Maersk Drilling’s strategic focus on efficiency gains, which also leads to reduced CO2 emissions.

“Climate change is one of the greatest challenges facing our society today, and we want to do our part in addressing this. The global demand for energy is rising and the expert consensus is that renewable energy will not be able to replace all traditional energy production within the foreseeable future. Therefore, the answer must be to provide affordable energy, including oil and gas, while keeping CO2 emissions under control. Our contribution to a sustainable energy future is to significantly reduce emissions from our operations and to explore ways to store CO2,” says CEO Jørn Madsen.

The reduction target will place Maersk Drilling as a leader among drilling contractors, and initiatives so far include the first-ever rig to operate on shore power and the upgrade of two of the world’s largest jack-ups to hybrid, low-emission rigs. In addition, Maersk Drilling recently announced that it has, amongst other, joined a consortium maturing one of the most progressed CO2 storage projects in Denmark.

Maersk Drilling’s emissions reduction target is in line with most oil and gas companies’ 2030 targets and supports the ambitions of the Paris Agreement.

“Sustainability is an area of concern, also for our customers, and by being a leader in low-emission offshore drilling, we maintain a differentiated offering which can help customers in reaching their targets. Investing in climate action is a key focus area for us and we are committed to being at the forefront, leveraging our vast experience with operating in Norway, where sustainability requirements are very high,” says CEO Jørn Madsen.

Maersk Drilling estimates that about half the target can be achieved via further efficiency gains and known technical solutions and concepts, while the other half will be facilitated by investments in innovation in this space. The target will be measured as tonnes CO2 emissions relative to three parameters: contracted days, drilled meter, and revenue, with 2019 being the baseline year.

In addition to the emissions reductions target, Maersk Drilling’s sustainability strategy contains initiatives within a range of areas, including a target of increasing the share of onshore female leaders to 30% across all leadership levels.