Albuquerque, New Mexico (AP) — ExxonMobil says it wants to reach its net-zero target for operations in the Permian Basin, with greenhouse effects from operations in one of the most prolific oil fields in the United States. He states that he has plans to reduce gas emissions. By 2030.
The company announced on Monday that the initiative will include its own business and indirect emissions related to electricity purchased to power well sites and other infrastructure in the basin that spans southeastern New Mexico and western Texas. Said to target both.
Although limited, Exxon’s announcement is important. This is because it is the first concrete effort the company has taken to reduce greenhouse gas emissions compared to the major European oil and gas companies that have set more specific goals.
“In the past, they were somewhat criticized for their lack of concrete commitment,” Abramov said.
Exxon’s commitment is narrow in some respects. For one thing, Abramov said the target is limited to operations in watersheds, which account for about 12-13% of total oil and gas production this year.
Exxon’s efforts do not address what is known as “Scope 3” emissions, the largest category, including emissions generated when customers burn oil or gas. The only way Exxon can reduce these emissions is to reduce the amount of oil and gas that the company produces.
However, instead of declining, exon production in the Permian basin is increasing.
Exxon’s announcement is consistent with what is required of oil and gas companies operating in New Mexico under rules adopted by state regulators earlier this year. This includes better detection of methane emissions, equipment upgrades, and elimination of routine flaring, which is the practice of burning unwanted natural gas into the atmosphere.
New Mexico regulations are advertised by state authorities as part of the United States’ strongest gas recovery requirements and set a goal of recovering 98% of all natural gas waste by the end of 2026. ..
The U.S. Environmental Protection Agency is also poised to tighten federal methane regulations in the industry, and the New Mexico Environment Agency has created its own rules for oil field facilities that emit methane, volatile organic compounds, and nitrogen oxides. I am.
Exxon has already made progress by reducing flaring in the Permian basin. In 2018, Exxon was flaring 11.3% of the gas in the basin. The company reduced it by 0.28% in the third quarter of 2021.
Earlier this month, Exxon announced that it would raise spending on greenhouse gas emission reduction projects to $ 15 billion over the next six years. Energy giants are under pressure to reduce climate-harmful emissions, forcing investors to be replaced by the company’s board of directors in June.
Major European oil and gas companies such as Shell and BP are diversifying to increase investment in solar and wind energy, but “when it comes to ExxonMobil, they are not always aggressive when it comes to renewable energy.” Said Abramov. “They are investing in solar and wind to generate electricity to extract oil and gas. That’s not what they see as a future contributor to their sources of income. “
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Bussewitz reported from New York.
ExxonMobil develops plans to reduce emissions in the Permian basin | WGN Radio 720
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