…we have been proactively engaging with the oil and gas sector to encourage them to reduce routine flaring, move away from diesel combustion processes during well completions and upgrade their legacy equipment to eliminate further preventable methane releases.
During one of our recent engagements with a U.S. energy company, we asked for a commitment to reduce all flaring to less than 1% of production. The company agreed that flaring is not acceptable and told us it aims to have no routine flaring. However, third-party involvement in its operations meant it would be unable to achieve this goal in the near term. In our engagement, we emphasized the importance of establishing suitably ambitious objectives to reduce the company’s environmental footprint through practical business plans supported by enhanced emissions transparency. We will continue to engage with the company to reduce routine flaring. In our centralized system, we noted our concerns about the company’s transparency on the emissions issue.