Devon Energy Sets Goal to Reduce Methane Emissions
U.S. independent Devon Energy Corp. is looking to reduce its methane emissions for its U.S. oil and natural gas production operations to 0.28 percent or lower by 2025, the company said Monday.
In 2018, Devon’s methane-intensity rate was estimated at 0.32 percent.
Devon said it would be establishing a voluntary, company-specific target to reduce its methane emissions.
The company calculates its methane-intensity rate based on emissions from its oil and natural gas production facilities as a percentage of natural gas produced. This includes all sources of emissions as reported by the Environmental Protection Agency (EPA) in addition to emissions from all basins that fall below the threshold that requires EPA reporting.
“By continuing to operate responsibly and increasing our focus on leak detection and repair, we’re confident we can meet this ambitious target,” Dave Hager, Devon CEO said in a company statement. “The actions we’re taking reaffirm our commitment to responsible production operations, going beyond what is required by law in pursuit of continuous improvement in environmental performance.”
Devon said its new methane-intensity measure will be part of executive and employee compensation, along with short-term emissions performance already in place.
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