3570 Research report: Circular economy indicators, potential for use in the oil and gas industry

Overview:

This report marks an initial step in exploring how to measure circular economy (CE) practices in the oil and gas (O&G) industry. Developed in partnership with Ipieca, it outlines how CE indicators, drawn from various existing frameworks, can be applied within the sector. The guidance introduces both qualitative and quantitative indicators that could help O&G companies assess the circularity of their assets and material in/out flows.

Through aligning the industry’s understanding of CE and providing a general approach to measuring circularity internally, the guidance ensures adherence to environmental standards, encourages innovation and fosters collaboration. Increasing the circularity of their production processes and products can support oil and gas companies to produce the energy the world needs, while reducing impacts on natural resources and biodiversity, and cutting emissions. As well as providing climate, environmental and social benefits, CE helps builds long-term resilience and generates business and economic opportunities.

This report helps oil and gas industry CE SMEs, waste professionals and corporate sustainability units to:

• Improve understanding of the various CE frameworks available
• Develop a CE strategy
• Improve their companies’ CE performance
• Measure, assess, report and steer on circularity internally