Oil and gas company Neptune Energy has endorsed the World Bank’s Zero Routine Flaring by 2030 initiative.
As explained by Neptune on Thursday, the initiative brings together governments, companies, and development institutions to eliminate routine gas flaring in oil production no later than 2030. The company underlined that eliminating the routine flaring of gas is a significant and necessary step towards reducing emissions and ensuring valuable energy resources are not wasted.
Neptune Energy’s VP Operations Europe, Pete Jones , said: “Neptune has set ambitious emissions reduction targets across our operations, with our endorsement of World Bank’s Zero Routine Flaring by 2030 initiative further demonstrating our commitment.
“We already have one of the lowest methane intensities in the industry at 0.02 per cent. But we want to go further, which is why we are supporting this initiative.”
To remind, earlier this year, Neptune entered into a scientific collaboration with Environmental Defense Fund (EDF) to test what they claimed to be a first-of-its-kind approach for measuring oil and gas methane emissions from offshore oil and gas facilities.
It was agreed that EDF would coordinate a team of international researchers that includes Scientific Aviation, a provider of airborne emissions sensing, and Texo DSI, a UK-based drone platform provider, to evaluate advanced methods for quantifying facility-level offshore methane emissions, identify key sources and prioritise mitigation actions.
Jones added: “This commitment is in line with our broader decarbonisation initiatives, which include ambitious targets to achieve a carbon intensity of 6 kg CO2/boe and net-zero methane emissions by 2030. To achieve these targets, Neptune is deploying a full range of initiatives which include using best available technologies to eliminate routine flaring, upgrading equipment and improving energy efficiency.”
Neptune will report annually on its flaring and progress towards meeting the initiative’s objective.