Rig giant Transocean has become the latest oil and gas industry player to set a target to reduce its greenhouse gas emissions by the end of the decade.

Transocean has set a target to reduce its emissions by 40%, from 2019 levels, by 2030, with chief executive Jeremy Thigpen noting nearly all of the energy used to power the company’s rigs comes from diesel fuel.

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In order to reach its emissions reduction targets, Thigpen said Transocean would look to reduce fuel use while also targeting “other initiatives” that can be achieved by developing and implementing new processes and technologies that would enable the company to optimise its power management capabilities.

Transocean also stated that it would look to target emerging low-carbon market opportunities as the energy transition picks up pace, which could potentially include carbon capture and sequestration.

However, Thigpen indicated the company still saw its greatest market opportunity in its traditional oil and gas customer base.

“Globally, almost 1 billion people lack access to electricity, and all of us desire reliable and affordable sources of energy that help improve our daily lives. As such, we believe that demand for hydrocarbons and, therefore, for Transocean’s assets and services, will remain strong,” Thigpen said.

“Our responsibility as the industry leader extends beyond providing superior results for our customers.

"We must continue to deliver our services in a manner that minimises our impact to the environment and, in this context, supports the interests of all our stakeholders, including employees, customers, investors, and for the broader public good.”

Transocean owns or has partial ownership interests in and operates a fleet of 37 offshore drilling units, including 27 ultra-deepwater floaters and 10 harsh environment floaters, while it also has a further two ultra-deepwater drillships under construction.

Transocean's commitment to reduce its carbon intensity follows a commitment last year by fellow rig giant Maersk Drilling, which is targeting to reduce its emissions by 50% by 2030.