Wednesday, November 30, 2022

Exxon to meet 2025 emission-reduction plans four years ahead of time

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ExxonMobil Corporation which is leading operations in Guyana’s Stabroek Block recently disclosed during its 2021 fourth quarter earnings call that it expects to meet its 2025 emission-reduction plans four years ahead of schedule.

The company said this includes a 15-20% reduction in greenhouse gas intensity of upstream operations, a 40-50% reduction in methane intensity, and a 35-45% reduction in flaring intensity across the corporation versus 2016.

In the fourth quarter, the company announced as well that it has new emission-reduction plans through 2030, which include plans to achieve Scope 1 and 2 net zero greenhouse gas emissions by 2030 in the Permian Basin. It said this is consistent with Paris-aligned pathways, the U.S. and European Union’s Global Methane Pledge, and the U.S. Methane Emissions Reduction Action Plan. Further to this, Exxon said it plans to invest US$15 billion in lower-emission solutions to both reduce its Scope 1 and 2 greenhouse gas emissions and support customers in decarbonizing, with a focus on carbon capture and storage, hydrogen and biofuels.

Just last month, ExxonMobil had announced its ambition to achieve net zero emissions from operated assets by 2050, backed by a comprehensive approach to develop detailed emission-reduction roadmaps for major operated assets. This ambition applies to Scope 1 and 2 greenhouse gas emissions and builds on the company’s 2030 emission-reduction plans.

To help reach net zero for operated assets by 2050, the company said it has identified more than 150 potential steps and modifications that can be applied to assets in its upstream, downstream and chemical operations.

OilNOW understands that initial actions already underway prioritize energy efficiency measures, methane mitigation, equipment upgrades and the elimination of venting and routine flaring. Further high-impact reduction opportunities include power and steam co-generation and electrification of operations, using renewable or lower-emission power.

The company said it expects to finalize detailed roadmaps that address approximately 90% of operations-related greenhouse gas emissions by the end of this year, and the remainder will be completed in 2023.

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