Three Major Oil and Gas Firms Join Methane Initiative
HOUSTON — Pioneer, ConocoPhillips and Devon Energy Group, three of the nation’s largest producers of oil and natural gas, have joined an initiative aimed at improving the industry’s transparency when it comes to methane emissions and to make greater progress in reducing them.
What the three companies have joined is something called the Oil and Gas Methane Partnership 2.0 Initiative, a joint effort by the United Nations Environment Programme and the Climate and Clean Air Coalition, which includes such members as the European Commission and the Environmental Defense Fund.
It is the only comprehensive, measurement-based reporting framework for the oil and gas industry that improves the accuracy and transparency of methane emissions reporting in the oil and gas sector.
Since its inception in 2014, over 80 companies with assets on five continents and representing a significant share of the world’s oil and gas production, have joined the partnership.
OGMP 2.0 members also include operators of natural gas transmission and distribution pipelines, gas storage capacity and liquified natural gas terminals.
“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 [greenhouse gas] 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 in a written statement.
“We hope their membership encourages others to join this global effort aimed at improving methane emissions measurement and supporting the goals of the Paris Agreement and the Global Methane Pledge,” Ferrini said.
“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,” Logan continued. “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.”
Dan can be reached at [email protected] and @DanMcCue
