Exxon Mobil Corp. on March 3 released a model framework for industry-wide methane regulations and urged stakeholders, policymakers and governments to develop comprehensive, enhanced rules to reduce emissions in all phases of production.
“We offer this blueprint to companies across our industry as they consider how to make improvements to reduce the sector’s methane emissions,” Darren Woods, chairman and CEO of Exxon Mobil said in a statement.
The Irving, Texas-based oil major started its methane reduction program in its shale fields in 2016 and said it has been able to reduce emissions from its U.S. unconventional operations by 20%. The program includes leak detection and repair, minimizing venting and reporting total methane emissions.
Exxon Mobil has since started rolling out the methane guidelines to the rest of the company, which “demonstrate what’s practicable and achievable,” Woods said.
Ben Ratner, senior director at the Environmental Defense Fund, called the move by the largest U.S. oil company a “clear rebuke” of the Trump administration, which has rolled back methane regulations, according to a report from Reuters.
“This is one more reminder that methane emission controls are cost-effective, and increasingly, voices in the private sector recognize the essential need for government regulation of emissions,” Reuters reported Ratner saying.
Reuters contributed to this story.
Recommended Reading
Exclusive: Surge Energy Seeks Midland M&A with $1.3B in Dry Powder
2024-11-19 - Surge Energy is one of the largest private oil producers in the Permian Basin. With $1.3 billion in dry powder to put to work, Surge is scouring the northern Midland Basin for M&A, executive Travis Guidry told Hart Energy.
'A Renewed Look': Central Basin Platform's Old Rock Gains New Interest
2024-10-29 - As majors prune their portfolios to sell non-core assets, M&A activity is heating up on the Permian’s Central Basin Platform and Northwest Shelf—and Ring Energy hopes to be a buyer.
ConocoPhillips: Longer Laterals Coming to Delaware Basin After Marathon Close
2024-11-22 - After closing a $17.1 billion acquisition of Marathon Oil, ConocoPhillips’ Delaware Basin leader sees opportunities to drill longer laterals and investigate secondary benches underground.
Exclusive: Early Findings Show Untapped Potential in Barnett Exploration
2024-12-03 - Steven Jolley, Halliburton’s Permian Basin technology manager, gives insight into potential for new drilling opportunities around Andrews County and efficiencies operators are seeing within the Permian, in this Hart Energy Exclusive interview.
Diamondback Touts Land, Cheap Gas to Lure Data Centers to Permian
2024-11-05 - With 65,000 land acres, cheap natural gas and an abundant produced water supply, Diamondback wants to lure power-hungry data centers to West Texas.