Net zero greenhouse gas emissions in Scopes 1 and 2 by 2050 is the new target of Devon Energy; major oil U.S. company; Devon announced this week its new environmental targets amid mounting pressure from investors, institutions and public about climate change.
Firstly, the primary focus of Devon Energy is to shrink as much as possible its carbon footprint through its operations; as well as minimizing freshwater use, and engaging constructively with its value chain.
Secondly, the main target of this new strategy will be, as said above, shrink to net zero GHG emissions in scope one and two by 2050; however, the company will also refresh its Climate Change Assessment Report by year-end 2021; in which the company will outline its approach to proactively address climate-related risks and opportunities.
Thirdly, the secondary objective is to reduce mentioned emissions values by 50% by 2030; the company also targets a reduction of 65% of methane emissions intensity by 2030, starting from a 2019 baseline.
Moreover, Devon’s emissions reduction strategy will involve a range of potential actions; including expanding its leak detection and repair program; implementing advanced leak detection technologies; and also, reducing the volume of natural gas that is flared.
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Net zero emissions, but also water recycling and flaring reduction
In addition, Devon will also electrify its facilities to reduce the use of natural gas and diesel consumed onsite; including transitioning from gas-driven to air-driven pneumatic controllers; and optimizing facility design to minimize leaks and eliminate common equipment failures.
Furthermore, the strategy by Devon also includes advances in water recycling; the company pretends to increase its recycling rate to 90% or more non-freshwater; for completions activities in its most active operating areas within the Delaware Basin.
Also, to minimize freshwater use, the company will employ economically and operationally feasible freshwater alternatives; wherever possible with the establishment of over a dozen water recycling facilities throughout the basin.
On the other hand, about the relevance of the commitment, Rick Muncrief, Devon’s President and CEO, said. “We know that strong environmental performance is essential to protecting the communities in which we live and operate; managing risk, and generating long-term value for stakeholders.”
Finally, he remarked. “Devon is setting aggressive goals to lower its carbon impact; while continuing to return value to shareholders. We know the need for oil and gas will remain for decades; but as good stewards, it is incumbent on us to improve how we produce and deliver it.”