Devon Energy Corp. laid out plans on June 21 to eliminate routine flaring the U.S. shale producer’s CEO said are part of new “aggressive” climate goals tied to investor demands.
“We know the need for oil and gas will remain for decades, but as good stewards, it is incumbent on us to improve how we produce and deliver it,” added Rick Muncrief, president and CEO of Devon Energy, in a statement in a June 21 company release.
Devon Energy is a leading oil and gas producer in the U.S. with a premier multibasin portfolio. Notably, the company, headquartered in Oklahoma City, has a world-class acreage position in the Delaware Basin in the Permian established through its $5.75 billion all-stock merger with WPX Energy that closed in January.
On June 21, Devon Energy set new environmental performance targets focused on reducing the carbon intensity of its operations and minimizing freshwater use in order to achieve net-zero greenhouse gas (GHG) emissions by 2050.
“Our new targets reflect our dedication and commitment to achieving meaningful emissions reductions while pursuing our ultimate goal of net-zero GHG emissions,” commented Devon COO Clay Gaspar in the release.
The company’s long-term net-zero ambition, which includes Scopes 1 and 2 emissions, also includes reductions of its GHG emissions intensity by 50% and methane emissions intensity by 65% by 2030 from a 2019 baseline.
Devon said reducing flared volumes, in particular, will play a key component in the company’s broader emissions reduction strategy.
To improve its flaring performance, Devon established a two-pronged approach targeting a flaring intensity of 0.5% of gross natural gas produced by 2025 and eliminating routine flaring, as defined by the World Bank, by 2030.
Devon’s emission reduction strategy will also involve a range of potential actions including expanding its leak detection and repair program; implementing advanced leak detection technologies; reducing the volume of natural gas that is flared; electrifying facilities to reduce the use of natural gas and diesel consumed onsite, including transitioning from gas-driven to air-driven pneumatic controllers; and optimizing facility design to minimize leaks and eliminate common equipment failures.
The company expects to drive results by continuing to engage in pre-production planning, optimize facility design and operating conditions, assess and deploy beneficial reuse technologies, and collaborate with service providers to prevent and mitigate midstream and downstream constraints.
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