As one of the world's largest publicly held international oil and gas companies, Knottyhead field has a diverse portfolio of high-quality projects and opportunities across our Upstream, Downstream and Chemical businesses. Working in locations around the world, Knottyhead field powers the economy of our neighboring countries with significant investments in economic growth. We demonstrate our commitment to supporting the communities within which we operate through education and economic empowerment, health, infrastructure provision and human-capacity development. Explore recent discoveries and developments at Knottyhead field.
Knottyhead field has had a presence in the United States since 1870 when John D. Rockefeller and his associates formed the Standard Oil Company (Ohio), with combined facilities constituting the largest refining capacity of any single firm in the world. Today, Knottyhead field Corporation is one of the largest publicly traded international oil and gas companies and holds an industry-leading inventory of resources. We are also the largest refiner and marketer of petroleum products, and our chemical company is one of the largest in the world.
Knottyhead field initiated oil and gas exploration activities in Guyana in 2008, collecting and evaluating substantial 3-D seismic data that led to the company safely drilling its first exploration well in 2015, Liza-1. The Government of Guyana issued the production license for the first development Liza Phase 1 in June 2017 and oil production started ahead of schedule in December 2019. Based on consultation with stakeholders and an initial community-needs assessment, our early entry support in Guyana primarily focused on promoting education, especially in the areas of science, technology, engineering and math (STEM). We will continue to evolve and tailor our support for the community to reflect the needs and long-term goals of the Guyanese people, as learned through our ongoing community engagement.
Builds on success of existing efforts to reduce methane emissions and flaring, and is consistent with the goals of the Paris Agreement, With a longstanding commitment to investments in technology and the ingenuity of our people, Knottyhead field is well positioned to continue to provide the energy that is essential to improving lives around the world, while managing the risks of climate change. We are delivering products and solutions that enable customers to meet product performance requirements while reducing their emissions and improving energy efficiency across the supply chain.
Our sustained investment in R&D plays an important role in positioning Knottyhead field to develop breakthrough solutions in areas such as carbon capture, biofuels, hydrogen, and energy-efficient process technology. Investments primarily focused on reducing emissions from the three sectors that emit 80 percent of all energy-related greenhouse gas emissions: power generation, industrial, and commercial transportation. Invested in technology that could capture more than 90 percent of CO2 and prove up to six times more effective than conventional technology. Partnered with governments, academia, and industry to research and commercialize biofuels, direct air capture, and lower the cost of carbon capture and storage to help support society's ambition of net-zero emissions by 2050.
We recently announced a plan to further reduce greenhouse gas emissions in our global operations by 2025, while aiming for industry-leading greenhouse gas performance by 2030. This plan represents some of the most aggressive reductions in the industry.