As the world decarbonizes, there is still an important role for oil and gas to play as a transition fuel.
“I want to be very straightforward. There is no energy transition without fossil fuels, which will play an important role in the transition for several decades,” Brian Cain, Chief Sustainability Officer at Civitas Resources, told Hart Energy’s Faiza Rizvi.
So, how do E&P companies fit into the transition?
Oil and gas producers play an important role by ensuring responsible production, Cain said. “I think responsibly sourced gas (RSG) plays a big part in the energy transition,” Cain said, adding that the concept of RSG is often misunderstood.
As Colorado's state's first net-zero oil and gas producer, Cain said Civitas is ahead of the curve in managing emissions and has an “ambitious” emission reduction strategy.
The company was also recently awarded as ‘2022 Environmentalist of the Year’ by Fellow Environmental Partners (FEP), a nonprofit focused on research and reclamation of orphaned oil & gas wells, for Civitas Resources’ commitment to voluntarily plug orphaned wells throughout the state of Colorado.
Last January, Civitas committed to plug 42 oil and gas wells that were orphaned by previous operators in Colorado, an effort in line with the nonprofit's mission of leveraging oil and gas knowledge to assist with environmental cleanup for future generations.
“We were extremely humbled to receive this award from Fellow, which is a terrific organization,” Cain, said, commenting on the recognition.
“We think as operators and responsible members of the industry, we need to be cleaning up after ourselves not just for our companies but also for other companies. We want to make our landscape and environment better for the benefit of our state, our community and our stakeholders,” Cain said.
Recommended Reading
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
TechnipFMC Eyes $30B in Subsea Orders by 2025
2024-02-23 - TechnipFMC is capitalizing on an industry shift in spending to offshore projects from land projects.
ProPetro Reports Material Weakness in Financial Reporting Controls
2024-03-14 - ProPetro identified a material weakness in internal controls over financial reporting, the oilfield services firm said in a filing.
Jerry Jones Invests Another $100MM in Comstock Resources
2024-03-20 - Dallas Cowboys owner and Comstock Resources majority shareholder Jerry Jones is investing another $100 million in the company.
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.