ExxonMobil to achieve net zero in Permian Basin operations by 2030

Oil company ExxonMobil said on Monday, it plans to achieve net zero greenhouse gas emissions from operated assets in the U.S. Permian Basin by 2030.

The company said in a statement that the plans are part of the corporate wide effort to reduce Upstream emissions intensity by 40-50 percent by 2030, compared to 2016 levels.

“Our goal of net zero for Scope 1 and Scope 2 greenhouse gas emissions is one of the most ambitious and wide-reaching in the Permian Basin,” said Bart Cahir, senior vice president of unconventional at ExxonMobil. “Throughout the value chain, our people are working hard to help reduce the greenhouse gas emissions associated with the products that enable modern life.” 

The plans to reduce emissions at the basin will be supported by electrifying operations, continuing investments in methane mitigation and detection technology, eliminating routine flaring, upgrading equipment, and employing emissions offset technology, which may include nature-based solutions, ExxonMobil said in the statement. 

The electrification will take place through with low carbon power, which may include wind, solar, hydrogen, natural gas with carbon capture and storage, or other emerging technologies.

The oil company also said it wants to expand its methane detection programs through satellite surveillance and a network of ground-based sensors for continuous monitoring, and aerial flyovers that identify leaks for rapid repairs.

“By year-end 2021, ExxonMobil anticipates reduced flaring volumes across its Permian Basin operations by more than 75 percent compared to 2019. The company plans to eliminate all routine flaring in the Permian by year-end 2022, in support of the World Bank’s Zero Routine Flaring initiative,” the company said in the statement.

The company said it is also securing alternative natural gas delivery points across the basin to decrease non-routine flaring.