US-based oil major ExxonMobil has announced plans to make the greenhouse gas emissions of its operations in the US Permian Basin net-zero by 2030.
The announcement forms part of the company’s larger plan to reduce the intensity of emissions of greenhouse gases related to its upstream operations by 40% to 50% by 2030, with 2016 levels being used as the baseline. The CEO and Chairman of ExxonMobil, Darren Woods, said in a press release:
“Our groundbreaking plans to reach net zero for Permian Basin operations further demonstrate our commitment and support of society’s ambitions for a lower-emissions future. We have plans to reduce greenhouse gas emissions intensity across our businesses by deploying the capabilities and technical strengths that are foundational to ExxonMobil.”
One of the main changes will be to eliminate the routine flaring of waste natural gas, but Exxon will also invest in technology for detecting methane leaks, so they can be repaired in a timely fashion. Exxon will also electrify its operations, with the power provided by low-carbon sources, such as natural gas combined with carbon capture, solar, wind, and hydrogen. Any remaining emissions will be offset, such as through nature-based solutions.
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