ExxonMobil targets net zero Permian ops by 2030

ExxonMobil is planning to reach net zero greenhouse gas (GHG) emissions from its operated assets in the Permian basin by 2030 by accelerating and broadening its emission-reduction plans for unconventional operations.

The major said today it will reach those GHG emission-reduction efforts in region straddling New Mexico and Texas by electrifying operations, putting more investments in methane mitigation and detection technology, upgrading equipment, phasing out routine flaring and buying offsets.

By the end of 2021 the company plans to reduce flaring across its Permian operations by more than 75pc from 2019 levels. It plans to end all routine flaring in the basin by the end of 2022, in support of the World Bank's Zero Routine Flaring initiative.

The plans are part of ExxonMobil's latest corporate-wide bid to reduce upstream greenhouse gas emissions intensity by 40-50pc by 2030, compared with 2016 levels. Still, the company has drawn criticism that it is lagging its European rivals in tackling emissions. Think tank Carbon Tracker said ExxonMobil's recently unveiled plans only cover a fraction of total emissions and are inconsistent with the goals of the Paris climate agreement.

By Robert Willis