Pioneer Natural Resources, Devon Energy Corp. and ConocoPhillips joined the Oil and Gas Methane Partnership (OGMP) 2.0 Initiative to improve methane emissions reporting transparency and overall emissions reduction within the industry, a press release announced on July 14.

The U.N. Environment Program, European Commission, Environmental Defense Fund and 80+ oil and gas companies comprise the OGMP 2.0 Initiative. The public-private partnership intends to minimize methane emissions, as well as raise awareness of methane emissions.

Since the partnership's inception, its work has contributed to increasing priority of mitigation activities.

“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,” ConocoPhillips chairman and CEO Ryan Lance said in the release. “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.”

The initiative’s reporting framework will provide stakeholders with the assurance that the gas is being managed responsibly. Additionally, companies involved will be provided with the means to credibly demonstrate that they are contributing to climate mitigation.

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.

“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,” CEO of Pioneer Natural Resources Scott Sheffield added.

"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," Devon Energy president and CEO Rick Muncrief said. "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."