Unepfi-新兴实践：石油和天然气融资的气候目标设定（英）

EmergingPractice:ClimateTargetSettingforOil&GasFinancingi

Contents|

>

EmergingPractice:

ClimateTarget

SettingforOil&Gas

Financing

May2024

Disclaimer

ThecontentsetoutwithinthispaperdoesnotconstituteadvicetoMembersoftheNet-ZeroBankingAlliance(theAlliance).Further,anyviewsexpressedinthispaperdonotnecessarilyrepresenttheviewsofeachindividualmember,includingthoseintherelevantworkinggroupthatassistedinthepreparationofthepaper.ThispaperisintendedasageneralguideforemergingpracticesandisnotprescriptiveastoactionsordecisionstobetakenbyMembers.TheMembersoftheAlliancesetindividualtargetsandmaketheirownunilateraldecisions.Theuseofcontent,includingthescopeofparticipationintheAlliance,isatthediscretionofeachindividualMember.Assuch,theAlliancetakesnoliabilityforactionsordecisionstakenbyMemberswhenapply-ingtheprinciplesofthispaper.Anyreferencestoexternalframeworksororganisationsshouldnotbeconsideredanendorsementoftheseorganisationsortheirwork.

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EmergingPractice:ClimateTargetSettingforOil&GasFinancingii

Contents

|

Purposeofthispublication

Thispaperisoneofaseriesofpublicationswiththepurposeofoutliningpossiblechoicesbankscanmakewhensettingclimatetargetsforsectorsoftherealeconomy.Thepaperdoesthisbyprovidinganoverviewofemergingpractices,commonchallengesandpolicy,data,andothergaps.

Emergingpracticesandexpertiseforclimatetargetsettingareevolvingquickly.Thispaperaimstoincreasebanks’awarenessandunderstandingofusefulapproachesandlatestmethodologiesinthisspaceatthetimeofpublication.

ByjoiningNZBA,membershavealreadychosentocommitto:

.Aligningtheirlendingandinvestmentportfolioswithnetzeroemissionsby2050

.Settingintermediateclimatetargetsfortheirhighestemittingsectorsfor2030orsoonerbyusingrobust,science-basedguidelinesconsistentwithlimitingglobalwarmingto1.5°C

.Developingtransitionplansforthehighestemittingsectorsforwhichtheyhavesettargets

.Reportingannuallyontheirapproachtoandprogresstowardsmeetingtheirtargets

Formanybanks,thisincludessettingdecarbonisationtargetsfortheiroilandgaslend-ingandinvestmentportfolios.

ThispaperdoesnotimposeanyrequirementsonNZBAmembersoverandabovethecommitmentsmadewhenbecomingasignatoryandisnotprescriptiveintermsofspecifyingwhenandhowmemberswithoil&gaslendingandinvestmentportfoliosareexpectedtodecarbonisethose.

ThedetailsofthecommitmenttowhichNZBAmemberssignupcanbefoundinthe

NZBA

CommitmentStatement

andthe

GuidelinesforClimateTargetSettingforBanks

.Thisseriesofpublicationsonsectoralemergingpracticesdoesnotchangethatcommitment.

EmergingPractice:ClimateTargetSettingforOil&GasFinancingiii

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|Purposeofthispublication

Acknowledgements

Thispublicationwaswritten,compiled,andeditedbyrepresentativesoftheUNEnviron-mentProgrammeInitiative(UNEPFI),whichhoststheSecretariatoftheNet-ZeroBank-ingAlliance(NZBA).TheyincludeSarahKemmitt,OrestisVelentzas,andDanielStorey.

ThedocumentreflectstheworkoftheNZBAOil&GasWorkingGroupandconsultationswithnearly20otherbanks,andindustrystakeholders.RepresentativesfromSociétéGénéraleandDeutscheBankledtheworkwithsupportandtechnicalinputfromtheNZBASecretariat.

TheSecretariatwouldalsoliketothankrepresentativesfromthefollowingexternalreviewers;notethatthedocumentdoesnotnecessarilyreflecttheviewsoropinionsofthoseindividualsororganisations.

.BPplc

.JulienPerez.VP,Strategy&Policy,OilandGasClimateInitiative

.MichaelCoffinCGeol.HeadofOil,GasandMiningResearch,CarbonTrackerInitiative

EmergingPractice:ClimateTargetSettingforOil&GasFinancingiv

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|Acknowledgements

AbouttheNet-ZeroBankingAlliance

Thebank-led,UN-convened

Net-ZeroBankingAlliance(NZBA)

bringstogetheraglobalgroupofbankswhichcurrentlyrepresentover40%ofglobalbankingassetsandarecommittedtoaligningtheirlendingandinvestmentportfolioswithnetzeroemissionsby2050.

Combiningnear-termactionwithaccountability,thisambitiouscommitmentseessignatorybankssettingintermediateclimatetargetsfor2030orsoonerbyusingrobust,science-basedguidelines.

NZBAisaflagshipclimateinitiativeoperatedbythe

UnitedNationsEnvironment

Programme—FinanceInitiative(UNEPFI)

toacceleratescience-basedclimatetargetsettinganddevelopcommonpractice.Asthebankingalliancewithintheglobaleffortsonnetzeroacrossthefinanceindustrybroughttogetherunderthe

GlasgowFinancial

AllianceforNet-Zero(GFANZ)

,theNZBAisopentoallbanksglobally,includingbanksthatarenotUNEPFImembersandPrinciplesforResponsibleBankingsignatories.

TheAlliancereinforces,accelerates,andsupportstheimplementationofdecarbonisa-tionstrategies,providinganinternationallycoherentframeworkandguidelinesinwhichtooperate,supportedbypeer-learningfrompioneeringbanks.Itrecognisesthevitalroleofbanksinsupportingtheglobaltransitionoftherealeconomytonetzeroemissions.

Learnmorehere:

/net-zero-banking/

Thispaperfocusesondecarbonisationanddoesnotconsiderotherimportantenviron-mentalandsocialissues.

EmergingPractice:ClimateTargetSettingforOil&GasFinancingv

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|AbouttheNet-ZeroBankingAlliance

Abbreviations&acronyms

ACTAssessinglow-CarbonTransition

BICSBloombergIndustryClassificationStandard

BOEBarrelofoilequivalent

CAPEXCapitalExpenditure

CCSCarbonCapture&Storage

CCUSCarbonCaptureUtilisation&Storage

EEIOEnvironmentallyextendedinput-output

E&PExploration&Production

EVICEnterprisevalueincludingcash

FPSOFloatingproductionstorageandoffloading

GFANZGlasgowFinancialAllianceforNet-Zero

GHGsGreenhouseGases

GICS

GlobalIndustryClassificationStandard

IEA

InternationalEnergyAgency

IGUs

InternationalGasUnionStandards

ILNGInternationalLiquefiedNaturalGasCompany

IPCCIntergovernmentalPanelonClimateChange

ISICInternationalStandardIndustrialClassificationofAllEconomicActivities

IOCsIntegratedOilandGasCompanies

LNGLiquefiedNaturalGasCompany

NACENomenclaturestatistiquedesActivitéséconomiquesdansla

CommunautéEuropéenne

NAICSNorthAmericanIndustryClassificationSystem

NGFSNetworkforGreeningoftheFinancialSystem

NZBANet-ZeroBankingAlliance

NOCsNationalOilandGasCompanies

O&GOil&Gas

OPEXOperatingExpenditure

PACTAParisAgreementCapitalTransitionAssessment

PCAFPartnershipforCarbonAccountingFinancials

SBTiScience-BasedTargetinitiative

SICStandardIndustrialClassification

EmergingPractice:ClimateTargetSettingforOil&GasFinancingvi

Contents

|Abbreviations&acronyms

Contents

Purposeofthispublication iii

Acknowledgements iv

AbouttheNet-ZeroBankingAlliance v

Abbreviations&acronyms vi

Summary ix

1.Introduction 1

2.Understandingtheoilandgassector 2

2.1Structureandemissionsofthe

oilandgassector 2

2.2Trendsinoilandgastargetsettingforbanks 6

3.Designchoicesinoilandgastargetsettingforbanks 8

3.1Targetscope 9

3.2Targetmetrics 12

3.3Financialscope 15

3.4Attributionmethods 16

3.5Benchmarkingandtargetsetting 19

4.Operationalisationofapproaches 22

4.1Identifyingandsourcingcounterpartyemissionsdata 22

4.2Organisationalboundariesofcounterpartyemissions 22

4.3Waystoidentifysuitabledatasources 23

4.4Scope3accountingforintegratedoilandgascompaniesandnationaloil

companies 25

5.Furtherresearchandmethodologicaldevelopment 26

6.Conclusion 28

6.1Call-to-actionfordataandscenarioproviders,oilandgascompanies,

andgovernments 28

Annexes 30

Annex1:FouroptionstomonitorScope3emissions 31

Annex2:Sectoralcodesbycounterpartytypeinscope 34

Annex3:Calculatingoperational(Scope1&2)emissionsintensity 35

Annex4:Calculationoftheend-useabsoluteemissions

(Scope3)forupstream 39

EmergingPractice:ClimateTargetSettingforOil&GasFinancingvii

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Summary

Thetablebelowsummarisesthekeydesignchoicesfinancialprofessionalsfacewhensettingnet-zerofinancingtargetsfortheoilandgas(O&G)sector.

Designchoice

Summaryfortheoil&gassector

Targetscope

The

GuidelinesforClimateTargetSettingforBanks

arebuiltaroundasectoralapproachtotargetsettingandrequirethatclients’Scope1,Scope2,aswellasScope3emissionsthatare‘significant’toagivensector,beincludedinscopeforbanks’climatetargets.Assuch,O&Gtarget-settingframeworksneedtoclearlydefinewhichemissions

andeconomicactivitiesoftheO&Gvaluechainshouldbecoveredbyclimatetargets,bothattheclientlevelandthesectorlevel.

Targetmetrics

The

GuidelinesforClimateTargetSettingforBanks

directbanksto

setfinancedemissionstargetsusingabsoluteemissionsmetricsand/oremissionsintensitymetrics,butalsorequirememberstoreport

financedemissionsinbothabsoluteandintensitymetricstoprovideamorecompletepicture.

Financial

scope

In-scope

clients

BankscanuseclassificationsystemssuchastheNorthAmericanIndustryClassificationSystem(NAICS)orseteconomicactivity

thresholdsbasedoncrudeoilproduction,revenuegeneratedfromO&Gactivities,orboth,todefinein-scopeclientsforO&Gclimatetargets.

In-scopefinancings

Bankscansettargetsforemissionsattributedtotheirloanbooksaswellascapitalmarketservices.The

updatedsecondversionofthe

GuidelinesforClimateTargetSettingforBanks

,publishedinMarch2024,outlinesthatmemberbanksshallincludecapitalmarkets

activitieswhensettingorrevisingtheirclimatetargetsfortheirO&GportfoliosfromNovember2025onwards.

Exposure

indicator

Banksneedtodecidewhatindicatortousetodeterminetheexposuretoeachin-scopeclientfortheirO&Gclimatetargets.Methodologiescanusefinancialdata,suchasacompany’srevenuesorcapital

expenditure(CAPEX),todetermineanindicator.

Attributionmethods

Attributionrelatestohowemissionsintherealeconomyareattributedtoafinancialinstitutionorafinancialinstrumentprovidingfinancing.TherearefourapproachesthatbankscanusefortheO&Gsector.

EmergingPractice:ClimateTargetSettingforOil&GasFinancingviii

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|Summary

Summaryfortheoil&gassector

The

GuidelinesforClimateTargetSettingforBanks

directmember

bankstousewidelyaccepted,science-baseddecarbonisation

scenariostoguidememberswhensettingindividuallong-termand

intermediatetargetsthatarealignedwiththetemperaturegoalsoftheParisAgreementsuchas

IEA’sNet-ZeroEmissionsby2050

(IEANZE)scenario.

Therearethreetarget-settingapproachesbankscanusefortheirO&Gclimatetargets:

.Convergenceapproach:impliesthatallcounterpartiesconvergetonet-zero-aligned,industry-averageemissionsintensitylevels.

.Rate-of-reductionapproach:impliesthatallcounterpartiesreduceemissionsatthesamenet-zero-aligned,industry-averagerate,irre-spectiveoftheircurrentandpastperformance.

.Fairshareapproach:definestheaveragerateofreductionin

absoluteemissionsforanindustrybutrecognisesthatindividualcounterpartiesmaybebetter-orworse-performingthanaverage.

Designchoice

Benchmarkingandtargetsetting

Keyconsiderationsforbankswhensettingfinancingtargetsfortheoilandgassector

Theprocessofsettingtargetsforanet-zerocommitmentbeginsbyassessingbaselinefinancedemissionsthroughtheuseofrelevantcarbonaccountingstandardssuchasthe

GlobalGHGStandard

1providedbythe

PartnershipforCarbonAccountingFinan

-

cials

(PCAF).Then,financialinstitutionsindependentlysettargetsfortheirindividualportfoliosandspecificcarbon-intensivesectors,suchasoilandgas(O&G),byusingscience-basedscenarios.Whensettingtargets,banksareseekingtoimprovethestra-tegicmanagementoftheirclimate-relatedrisksandopportunities.Therearesomekeyitemsbanksneedtoconsiderwithregardtotheirtarget-settingapproachfortheirO&Gportfolios,includingthefollowing:

.ConsideringthematerialityofemissionsfordifferentpartsoftheO&Gvaluechain

.AvoidingdoublecountingofemissionsacrosstheO&Gvaluechain

.UnderstandinghowtheycanhelpO&Gcompanies’alignmentwithnetzero.UnderstandingtheirO&Gclients’transitionplans

1FinancedemissionsareclassedasCategory15Scope3emissionsforfinancialinstitutionsinthe

Greenhouse

GasProtocol

.

EmergingPractice:ClimateTargetSettingforOil&GasFinancingix

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|Summary

Oilandgasindustryoperationalemissionsreductionisoneofthebiggestopportunitiesintheshort-term

Overtheperiod2020–2030,respected1.5°Cscenarios2projectthatemissionsreduc-tionswillcomefromincreasedefficiencyinO&Goperations(-60%)whichaccountforasignificantpartofthesector’scarbonandmethaneemissionsaswellasfromreductionsinO&Genduse(-29%).ThehighercontributioninemissionsreductionsfromincreasedefficiencyinO&Goperationsisbecauseasignificantnumberofabate-mentmeasuressuchasinvestmentsinreducingflaring,ventingandfugitiveemissions,wouldpayforthemselves.3Banksshouldconsiderfinancingemissionsreductioninitia-tivesastheysetandoperationalisetheirnet-zerotargetsforthesector.

Transparencyonoilandgastarget-settingcanimprovepracticeandinformpolicy

ApproachestosettingO&GtargetsbyNZBAmemberbanksvaryalot(see

NZBA’s

2022ProgressReport

).ThisreflectsthecomplexityoftheO&Gindustry’snet-zeroalignmentandthevoluntarynatureoftheNZBAcommitment.Voluntaryapproachesareoftenaprecursortomandatoryregimesandpartoftheirroleistoallowforexper-imentationandtoseewhichapproachesworkbest.

Transparencyonthescopes,partsoftheportfolio,andbankingactivitiescoveredbytargets,themetrics,approaches,scenariosused,andtheassumptionsmadecaninformpolicyandregulatorydesignandacceleratelearningforotherbanksworkingtoimprovetheirclimategovernance.

2AccordingtotheIEANZEfortheperiod2020–2030.

3

/reports/driving-down-methane-leaks-from-the-oil-and-gas-industry

EmergingPractice:ClimateTargetSettingforOil&GasFinancingx

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|Summary

1.Introduction

Accordingtothe

IntergovernmentalPanelonClimateChange(IPCC)

4,limitingglobalwarmingto1.5°CtoavoidtheworstimpactsofclimatechangerequiresglobalGreen-houseGas(GHG)emissionstopeakbefore2025anddeclineby43%by2030froma2019baseline.

Thispublicationaimstohelpbanksthatarelookingtoaligntheiroil&gas(O&G)lendingandinvestmentportfolioswitha1.5°Cpathwaybyprovidinganoverviewofemerg-ingpracticesinsetting,measuring,andmonitoringprogressofclimatetargetsforthoseportfolios.Itevaluatesthestrengthsandweaknessesofdifferenttarget-settingapproachesincludingthedesignchoicesbanksfacewhendefiningthescopeofemis-sions,typesofcounterparties,targetmetrics,attributionmethods,andbenchmarkingaswellasprovidessuggestionsfortheoperationalisationofchosenapproaches.

4See

IPCCAR6synthesisreport

(March,2023).

EmergingPractice:ClimateTargetSettingforOil&GasFinancing

1

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|Introduction

Downstream

Midstream

Sales&MarketingRefining

2.Understandingtheoilandgassector

2.1Structureandemissionsofthe

oilandgassector

Theoilandgas(O&G)sectorencompassesabroadspectrumofactivitiesfromexplo-rationandextractionofO&Gtothesupplyofendproductstoconsumers.Thetypicalsegmentationofthesectoralignswiththeactivitiesacrossthedifferentpartsofthevaluechainwhicharesplitintoupstream,midstream,anddownstreamactivities.Indi-vidualcompanieswithinthesectorexhibitvaryingdegreesofverticalandhorizontalintegrationacrossthedifferentpartsofthevaluechain.Table1summarisesthevaluechainoftheO&Gsectorandthetypesofcompaniesthatoperateacrosseachsegment.

Table1:Upstream,midstream,anddownstreamactivitiesintheO&Gsector

Companies

Pureplayers

E&Ppureplayers

UpstreamExploration&Production(E&P)

Pipeline&LandTransportation

MaritimeTransportation(crudeorGastransporters

.Integratedoil

Refineriespure

players

Petrochemicalspure

players

CrudeO>rading

Traders

Gasdistributionforcooking,

heating,andpower

Gasdistributors

Wholesalemarketingandretailingoftransportfuel

Servicestations

Lubricants,plastics,andchemicals

Other

manufacturers/

retailers

producttanker,LNG) MidstreamServicesServicescompanies

companies

.Integratedgasutilities.Integratedliquefied

naturalgas(LNG)

companies

.Nationaloilcompanies

(NOCs)

IntegratedO&Gand

NationalOilCompanies(NOCs)

Servicescompanies

Oiltransporters

Petrochemicals

Refineries

Activities

EmergingPractice:ClimateTargetSettingforOil&GasFinancing2

Contents

|Understandingtheoilandgassector

Underthe

GreenhouseGasProtocol

,GHGemissionsfortheO&GsectoraresplitintoemissionscomingfromtheoperationsofO&Gcompaniesandemissionscomingfromtheend-useofO&Gbyconsumers:

.GHGemissionsfromO&Gcompanies’operationswheretheyexertahighdegreeofcontrolareknownasScope1&2emissions5andprimarilyoccurattheproduction,transportation,refining,andpetrochemicalproductionstagesoftheO&Gvaluechain.Accordingtothe

IEAWorldEnergyOutlook2023

,Scope1&2emissionsfortheO&Gsectoraccountedfor5.1GTCO2eqin2022,orjustunder15%oftotalenergy-relatedGHGemissions,withupstreamactivitiesaccountingforthemajority,followedbyrefiningandtransportation.NodataisavailableonthescaleofScope1&2emissionsfromthesalesandmarketingsegment,butitisexpectedtobesmall.WithinScope1&2emissions,methaneemissions(CH4)formaverysignificantpart.Accordingtothe

IEA

asof2022methaneemissionswereresponsibleforroughlyathirdoftheriseinglobaltemperaturessincetheindustrialrevolution.The

IPCC’s2021Report

notedthatatmosphericmethanelevelsarenowhigherthanatanypointinthepast800,000yearsandaretrackingclosetothehighemissionsscenariosoutlinedinitspreviousassessmentfrom20136.Althoughmethaneisrelativelyshort-livedintheatmosphere,ithasawarmingimpactwhichis84timesthatofCO2overa20-yearperiod.IPCC’sreportconcludesthatstrong,rapid,andsustainedreductionsinmethaneemissionsareneededinthenexttwodecadestokeepthe1.5°Cwarminglimitwithinreach.7The

GlobalMethanePledge

,launchedat

COP26

,aimstostimulatevoluntaryactionstoreduceglobalmethaneemissionsbyatleast30%by2030comparedto2020levels.

.GHGemissionsfromtheend-useofO&Garereferredtoasend-usecombustionemis-sionsandareknownasScope3emissionsatthecompanylevelaccordingtothe

GreenhouseGasProtocol

.Scope3emissionsfortheO&Gsectoraccountedforjustunder40%oftotalenergy-relatedGHGemissionsin2022.Table2summarisestheshareoftheO&GsectoringlobalGHGemissions.

5Asdefinedbythe

GreenhouseGasProtocol

.Inthispaper,thescopesdescribedarethescopesoftheO&Gcompaniesasbankclients,ratherthanthescopesofthebanks’emissions.

6InternationalPanelonClimateChangeIPCC(2021).SixthAssessmentReport.WorkingGroup1:ThePhysicalScienceBasis.

7Currently,dataavailabilityandaccuracyofmethaneemissionsarestilllimitedbutincreasingthroughvariousinitiatives,e.g.the

GlobalMethaneTracker

.

EmergingPractice:ClimateTargetSettingforOil&GasFinancing3

Contents

|Understandingtheoilandgassector

Table2:O&Gshareintotalenergy-relatedgreenhousegasemissions

Energy-relatedGHGEmissionsGTCO2eq(2022)ReferenceWholeEconomy36.8

O&GEmissions(Oil:11.2)

(O&GOperations:5.1

Scope3

(O&GEnd-Use)

(Gas:7.4)

Scope1&2

E&P,Transportation&

Refining)

18.6

IEACO2Emissionsin2022

IEAWorldEnergyOutlook2023

13.5

Strategicoptionsforthetransitionoftheoilandgassector

ThereisnosingleresponseordecarbonisationbusinessmodelthatwillbesuitableforthefullspectrumofcompaniesthatoperateacrossthedifferentsegmentsoftheO&Gsector.Hence,thispaperisonlyconcernedwithprovidinganoverviewofemerg-ingpracticesthatbanksmayadopttofacilitatetheirownindependentdecision-makingandtargetsetting.ThedifferentelementsinTable3outlinethewiderangeofstrategicoptionsforthetransitionofO&Gcompanies.

Table3:StrategicoptionsforthedecarbonisationofO&Gcompanies

Category

Strategicoptions

ReduceScope1&2emissions

.Improveemissionsefficiencyinproductionthroughthereductionofmethaneleakages,venting,flaring,andfugitivereleases.

.Produce/transportlessfossilfuelsincludingnon-energyuseofO&Gnon-combustionproducts(e.g.agrochemicals,petrochemicals,lubri-cants).

.Abateemissionsatsourcethroughthedeploymentofcarboncapture

andstoragetechnologies(CCS,CCUS)atthesiteofextractionorrefining.

ReduceScope3

emissions

.Refine/selllessfossilfuelsincludingnon-energyuseofO&Gnon-com-bustionproducts(e.g.agrochemicals,petrochemicals,lubricants).

.Abateemissionsatconsumptionthroughthedeploymentofcarboncaptureandstoragetechnologies(CCS,CCUS)atthesiteofend-usecombustion.

EmergingPractice:ClimateTargetSettingforOil&GasFinancing4

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|Understandingtheoilandgassector

Diversifyin

newsegments

.Diversifyintonon-fossilfuelenergybusinessessuchaslow-carbonelec-tricity,low-carbonhydrogen,biomethaneandadvancedbiofuels.

.Diversifyintorenewablessuchasenergy/electricitydistributionbusi-

nesses,EVbatterycharging,energyefficiency,distributedbatterystorage.

.Diversityintootherareasoftheeconomy,notspecificallylinkedtoenergygeneration.

Phasedown

unabatedassets

.Returncashtoshareholdersviadividendsand/orsharebuybacks,phasedownunabatedassets,andwindupthecompany.

Thefirststrategicoption,reduceScope1&2emissions,isanimportantaspectforallO&Gcompanies.Asoutlinedinthe

IEA2023WorldEnergyOutlook

,thiscanbedonebyminimisingtheflaringofassociatedgasandventingofCO2andCH4,tacklingmeth-aneleaks,andintegratingrenewablesandlow-carbonelectricityintonewupstreamandliquefiednaturalgas(LNG)developments.ThesetechnologiescanhelpO&Gcompaniestoreducetheirgrossemissions.O&Gcompaniescanalsoinvestincapital-intensivetechnologiesincludingcarboncaptureandstorage(CCS)andCarbonCaptureUtilisation&Storage(CCUS)toreducetheirnetemissions,thedifferencebeingthatthesetechnol-ogiesdonothaveadirectimpactongrossemissions.8

Theremainingstrategicoptions,however,canvarywidelyacrossO&Gcompanies.Forsome,thiswillinvolverepositioningthemselvesas‘energycompanies.’IntegratedO&Gcompaniesandseveralnationaloilcompanies(NOCs)areseeminglytakingthisroute,however,notallofthemwillorevenshouldfollowthisroute.NOCs,forexample,facesomeparticularchallenges,asdotheirhostgovernments.ThestakesarehighforNOCsthatarechargedwiththestewardshipofnationalhydrocarbonresources,andfortheirhostgovernmentsandsocietiesthatoftenrelyheavilyontheassociatedoilincome(

IEA

2023WorldEnergyOutlook

).

Othercompaniesmayalsodecidethat