HOUSTON, Jul. 14 /BusinessWire/ — Three leading U.S. oil and natural gas producing companies, Pioneer Natural Resources Company (NYSE:PXD), Devon Energy Corp. (NYSE:DVN) and ConocoPhillips (NYSE:COP), jointly announced today that they have joined the Oil and Gas Methane Partnership (OGMP) 2.0 Initiative. The initiative’s mission is to improve the industry’s transparency in methane emissions reporting and encourage progress in reducing those emissions. The companies’ membership in OGMP 2.0 demonstrates their commitments to reducing methane emissions and meeting U.S. and global energy demand with reliable and responsibly sourced production.
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OGMP 2.0 has emerged as a global gold standard for methane emissions measurement and reporting. The initiative’s reporting framework will provide stakeholders with the assurance that this important greenhouse gas is being managed responsibly. In turn, participating companies will be provided with the means to credibly demonstrate that they are contributing to climate mitigation and delivering against their methane improvement objectives and targets. Joining the partnership also represents a commitment on the part of member companies to encourage improved methane reduction performance in reporting and methane emission reduction through transparency, flexibility and best practice sharing.
“Reducing greenhouse gas emissions, including methane, is an important priority for ConocoPhillips, and we are pleased to join industry members and stakeholders to advance this important area of emissions management,” said Ryan Lance, ConocoPhillips Chairman and Chief Executive Officer. “We believe that applying the rigorous OGMP 2.0 reporting standard across our global assets will be a vital step on our path to net-zero operational emissions by mid-century.”
“Deployment of advanced methane detection technology and enhanced transparency are key components to Devon’s broader emission reduction strategy, including our aim to achieve net zero GHG emissions for Scopes 1 and 2 by 2050,” said Rick Muncrief, President and CEO, Devon Energy. “We believe that collaboration and collective efforts are needed to advance meaningful change at a fast pace, and are excited to be joining OGMP 2.0 with our industry peers that share Devon’s intention of delivering energy to the world while reducing our impact on the environment.”
“Given that we operate in one of the largest oil producing basins in the world, enabling the reduction of methane emissions by utilizing accurate and transparent reporting is imperative for Pioneer as well as other large producers in the Permian Basin,” said Scott Sheffield, CEO of Pioneer Natural Resources Company. “We are excited to join OGMP 2.0 and collaborate with the United Nations Environment Programme, along with industry members and other stakeholders, on this important initiative to reduce methane emissions.”
“With Pioneer, Devon and ConocoPhillips joining OGMP 2.0, we have significantly increased the participation of U.S.-based companies,” said Giulia Ferrini, OGMP 2.0 Manager at UNEP. “We hope their membership encourages others to join this global effort aimed at improving methane emissions measurement and transparency, thereby supporting the goals of the Paris Agreement and the Global Methane Pledge.”
“We’re glad to see these companies take a leadership role in advancing methane measurement and disclosure,” said Andrew Logan, Senior Director of oil and gas at Ceres. “Oil and gas companies must be accountable for their methane emissions, which not only carry an outsized and avoidable climate impact, but also represent needlessly lost product, an obvious concern for any prudent shareholder. The Oil and Gas Methane Partnership 2.0 is a strong framework to advance both detection and accurate reporting, and it is important that we see other oil and gas companies follow ConocoPhillips, Devon, and Pioneer and join.”
“All eyes today are on the oil and gas industry. Stakeholders are demanding real, robust emissions data that they can trust,” said Mark Brownstein Senior Vice President for Energy at the non-profit Environmental Defense Fund. “Cutting methane emissions is the simplest, fastest way to help meet our energy and climate goals, even as the world moves forward on long term decarbonization. Solutions exist for companies to cut emissions quickly and cost-effectively. OGMP provides a comprehensive and transparent framework to see and compare their results.”
The OGMP 2.0 Initiative is a voluntary, public-private partnership between the United Nations Environment Programme, the European Commission, the Environmental Defense Fund and over 80 oil and gas companies aimed at minimizing methane emissions from global oil and gas operations. Its work has helped to raise awareness of methane emissions and contributed to the growing priority of mitigation activities.
Source: Rbcrichardsonbarr.com